Robbins Geller Rudman & Dowd LLP Announces Upcoming Lead Plaintiff Deadline in the Churchill Capital Corporation IV Class Action Lawsuit
SAN DIEGO–(BUSINESS WIRE) – Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit was filed between January 11, 2021 and February 22, 2021 on behalf of the buyers of Churchill Capital Corporation IV (NYSE: CCIV) securities in the Northern District of Alabama . including (the “Class Period”). The case is headed Phillips v Churchill Capital Corporation IV, No. 21-cv-00539 and is assigned to Judge Annemarie C. Axon.
The Private Securities Litigation Reform Act of 1995 allows any investor who has acquired Churchill Capital IV securities during the class action period to seek appointment as the lead plaintiff in the class action against Churchill Capital IV. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. One lead plaintiff is acting on behalf of all of the other class plaintiffs in leading the Churchill Capital IV class action. The lead plaintiff can choose a law firm of their choice to bring the class action lawsuit against Churchill Capital IV. An investor’s ability to participate in a possible future collection of the class action lawsuit against Churchill Capital IV does not depend on whether they are the lead plaintiff. If you would like to stand as the lead plaintiff in the Churchill Capital IV class action or have any questions about your rights in relation to the Churchill Capital IV class action, please include your information here or contact attorney Juan Carlos Sanchez of Robbins Geller at 800 / 449-4900 or 619 / 231-1058 or by email to [email protected]
Churchill Capital IV is a blank check company, also known as the Special Purpose Acquisition Company (“SPAC”). In April 2020, Defendant Michael Klein Churchill launched Capital IV, which raised more than $ 2 billion in its initial public offering and is listed on the New York Stock Exchange (NYSE: CCIV). Lucid Motors is an American automobile manufacturer that specializes in electric cars. As of 2020, his first car, Lucid Air, was in development. On January 11, 2021, Bloomberg News reported, “The electric vehicle maker Lucid Motors Inc. [was] in talks to go public through a merger with one of Michael Klein’s specialty acquisition companies, according to those familiar with the matter. ”Bloomberg News said the transaction could be valued at up to $ 15 billion and that “Churchill Capital Corp IV – the largest” [of Klein’s two SPACs], which raised more than $ 2 billion last year, is the vehicle considering a deal with Lucid, some of the people said. On February 22, 2021, the long-awaited merger agreement between Churchill Capital IV and Lucid was announced. The transaction value of Churchill Capital IV and Lucid was estimated at $ 11.75 billion. Churchill Capital IV’s share price closed at $ 57.37 that day.
On February 23, 2021, Bloomberg News reported that Lucid’s CEO announced that production of its debut car would be delayed until at least the second half of 2021, with no specific date set for actual delivery of an actual vehicle . Because of this news, Churchill Capital IV stock fell about 38%, which did harm to investors.
Robbins Geller Rudman & Dowd LLP has started a special SPAC task force to protect investors in blank check companies and seek redress for corporate misconduct. The SPAC Task Force consists of experienced litigation attorneys, investigators and forensic accountants and is dedicated to detecting and prosecuting fraud on behalf of aggrieved SPAC investors. The rise in blank check funding poses unique risks for investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force represents the vanguard in ensuring integrity, honesty and equity in this rapidly evolving area of investment.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms serving investors in securities class actions. With 200 attorneys in 9 offices, Robbins Geller has received many of the largest stock class recovery claims in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the leading law firms in the world since 2010, both in terms of amount recovered and the total number of class action settlements for shareholders each year since 2010. The SCAS 2020 Top 50 Report ranked Robbins Geller as the first place when he got $ 1.6 billion back for investors last year, more than double the amount collected by any other claimant firm. Robbins Geller’s lawyers helped shape the securities laws and recovered tens of billions of dollars on behalf of the injured victims. In addition to securing the financial recovery of duped investors, Robbins Geller also specializes in implementing corporate governance reforms to improve financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by the courts, professional associations and the media as the leading attorneys in the industry. More information is available at http://www.rgrdlaw.com.