Lucid Group Inc (LCID)

[jgrabar]

It is alleged 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, it has been alleged that Lucid overstated its production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering Lucid’s operations from at least November 15, 2021, and that as a result of the Defendants’ wrongful acts and omissions, shareholders and the company have suffered significant damage.

Current Lucid shareholders who have held shares of the Company’s stock since November 15, 2021, can seek corporate reforms and potentially a court approved incentive award if appropriate.

Unlike a class action, brought on behalf of damaged investors, a shareholder derivative action is an action brought by a shareholder of a public company on behalf of and for the benefit of the company itself against the directors and/or officers of that company. In a derivative action, shareholders “step into the shoes” of the directors and officers of a company and bring litigation that the board would be unwilling to pursue on its own.

https://stockhouse.com/news/press-releases/2022/05/06/grabar-law-office-investigates-potential-shareholder-action-on-behalf-of-current

https://grabarlaw.com/the-latest/lucid-investigation/