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INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Churchill Capital Corporation IV (CCIV) on Behalf of Investors

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·2 min read
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Law Offices of Howard G. Smith announces an investigation on behalf of Churchill Capital Corporation IV ("Churchill" or the "Company") (NYSE: CCIV) investors concerning the Company’s possible violations of federal securities laws.

On January 11, 2021, Bloomberg News reported that Lucid Motors Inc. ("Lucid"), an American automotive company specializing in electric cars, is in talks to go public via merger with one of Michael Klein’s special purpose acquisition companies, including Churchill.

Over the next several weeks, Lucid’s Chief Executive Officer Peter Rawlinson made media appearances during which he stated that Lucid was aiming for a spring delivery for its first vehicles.

On February 22, 2021, the merger between Churchill and Lucid was announced with transaction equity value estimated at $11.75 billion. Churchill’s share price closed at $57.37.

The same day, after the market closed, Bloomberg News reported that production of Lucid’s debut car would be delayed until at least the second half of 2021 with no definite date for the actual delivery of vehicles. Details of the merger also disclosed that Lucid was projecting the production of only 557 vehicles in 2021, instead of the 6,000 it had been touting in the run-up to the merger announcement.

On February 23, 2021, Churchill’s stock fell $22.16, or 38%, to close at $35.21 per share on February 23, 2021.

If you purchased Churchill securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210428005949/en/

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com