According to the Complaint, Lucid Group, Inc. designs, engineers, builds, and sells luxury EVs. Lucid currently sells an electric sedan, the Lucid Air, and plans to launch an electric SUV, the Lucid Gravity.

On February 22, 2021, prior to the commercial launch of the Lucid Air, Lucid announced its plans to merge with Churchill Capital Corp. IV (“Churchill”), a special purpose acquisition company, in a transaction that would allow Lucid securities to be publicly traded and would provide Lucid with $4.4 billion in capital (the “Merger”).

As Lucid transitioned into a publicly traded company, Defendants assured investors that Lucid would produce 577 EVs in 2021, 20,000 EVs in 2022, and 49,000 EVs in 2023 (including 12,000 of the Project Gravity SUV, which would launch that year).

The Complaint alleges that, throughout the Class Period, the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Lucid’s business and operations. Specifically, the Complaint alleges Lucid overstated its production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering Lucid’s operations from the start of the Class Period, and that as a result of the Defendants’ wrongful acts and omissions, and the significant decline in the market value of Lucid’s common stock, Lucid investors have suffered significant damages.

On September 30, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-02094.

Lead Plaintiff filed a Consolidated Complaint on December 13, 2022. Defendants filed a Motion to Dismiss the Consolidated Complaint on February 23, 2023. On August 8, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed an Amended Consolidated Complaint on September 20, 2024. Defendants filed a Motion to Dismiss the Amended Consolidated Complaint on December 6.

On May 22, 2025, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.