According to the Complaint, Churchill Capital Corporation IV ("CCIV") is a blank check company, also known as a special purpose acquisition company (“SPAC”).

On Monday, February 22, 2021, a merger agreement between CCIV and Lucid Motors was announced. CCIV’s and Lucid’s transaction equity value was estimated at $11.75 billion. Details of the merger disclosed that Lucid was projecting the production of only 557 vehicles in 2021, instead of the 6,000 it had allegedly been touting in the run-up to the merger announcement.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and that the Individual Defendants were motivated to materially misrepresent the true nature of the Company’s business, operations, and financial affairs to the public and regulators in order to keep the Company's share price artificially high.

On September 16, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. On December 1, 2021, this case was transferred to the District Court for the Northern District of California. Lead Plaintiff filed an amended Complaint on December 16 and revised the amended Complaint on December 30.

On January 24, 2022, the Court issued an Order consolidating cases under Docket 21-CV-9323. All future docketing was ordered to be done in the lead case 21-CV-9323. Defendants filed a Motion to Dismiss the amended Complaint on February 14. On January 11, 2023, the Court issued an Order granting Defendants' Motion to Dismiss.

On January 30, 2023, Lead Plaintiffs filed a Motion for leave to amend the Complaint. On June 29, the Court issued an Order denying the Motion for leave to amend and dismissing the action. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on July 28, 2023.

On August 8, 2024, the Court of Appeals affirmed the District Court's dismissal.