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Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Filed Against Churchill Capital Corp IV

RADNOR, Pa., May 24, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed in United States District Court for the Northern District of Alabama against Churchill Capital Corp IV (NYSE: CCIV) (“CCIV”) on behalf of those who purchased or acquired CCIV securities between January 11, 2021 and February 22, 2021 inclusive (the “Period of appeal ”). Reminder of the deadline for investors: Investors who have purchased or acquired CCIV securities during the Recourse Period may, no later than July 6, 2021, request to be appointed as the principal representative of the applicants of the class. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by e-mail to [email protected]; or click https://www.ktmc.com/churchill-capital-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=churchill CCIV is a blank check company, also known as the Acquiring Company at special vocation. Atieva, Inc., d / b / a Lucid Motors (“Lucid”) is an American automotive company specializing in electric cars. As of 2020, Lucid’s first car, Lucid Air, is in development. The class period begins on January 11, 2021, when Bloomberg News reported that Lucid “was in talks to go public through a merger with one of Michael Klein’s special purpose acquisition companies, according to people. close to the file ”. Michael Klein launched CCIV in April 2020 and raised $ 2,070,000,000 in CCIV’s initial public offering. Rumor has it Lucid was merging with CCIV. On February 16, 2021, Lucid CEO Peter Rawlinson appeared on Fox Business News with Neil Cavuto touting that Lucid was aiming for a spring delivery of his first vehicles. On Monday February 22, 2021, the long-awaited merger agreement between CCIV and Lucid was announced. The equity value of the CCIV and Lucid transaction was estimated at $ 11.75 billion. However, at 6:22 p.m. the same evening, Bloomberg News’ Ed Ludlow reported that Mr. Rawlinson announced that production of his first car would be delayed until at least the second half of 2021, with no specific date set for the delivery of a real vehicle. Following this news, CCIV’s share price fell from a close of $ 57.37 per share on February 22, 2021 to a close of $ 35.21 per share on February 23, 2021. The complaint alleges that everything Throughout the Class Period, the Defendants failed to disclose a true and accurate picture of CCIV’s business, operations and financial condition. CCIV investors may, no later than July 6, 2021, seek to be appointed as lead representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing. and remain an absent member of the group. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. To be appointed as the Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant. Kessler Topaz Meltzer & Check, LLP is pursuing class actions in state and federal courts across the country relating to securities fraud, breaches of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors in the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of public funds). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. CONTACT: Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq. 280 King of Prussia RoadRadnor, PA 19087 (844) 887-9500 (toll free) [email protected]



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