Lucid Group wins legal victory over SPAC investors
gorodenkoff

Lucid Group Inc (NASDAQ:LCID) won the dismissal of a lawsuit accusing the electric vehicle maker of defrauding investors in the SPAC company that helped take it public. 
U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California made the determination that despite media speculation, Churchill Capital Corp IV shareholders who brought the proposed class action had no reason to know in early 2021 that the SPAC would merge with Lucid. That meant the alleged misleading statements made by Lucid Group Chief Executive Peter Rawlinson on CNBC in February of 2021 on production expectations and factory progress were not material to the decision of those SPAC investors. 
On the production front, Lucid Group (LCID) began making deliveries of the Lucid Air model in Europe last month to add to the U.S. and Canadian markets where the EV is available.
Shares of Lucid Group (LCID) rose more than 10% on Wednesday amid a rally in many highly-shorted stocks. The stock cooled off in the premarket session on Thursday with a 0.45% dip.
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