GlobeNewswire Inc | Dec 9, 2021 04:30PM EST

December 09, 2021

SAN FRANCISCO, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Lucid Group, Inc. (NASDAQ: LCID) investors with losses exceeding $100k to submit your losses now.

Visit:www.hbsslaw.com/investor-fraud/LCIDContact An Attorney Now:LCID@hbsslaw.com 844-916-0895

Lucid Group, Inc. (LCID) Investigation:

The investigation focuses on Lucids and senior managements statements concerning the companys transition on July 23, 2021 to a publicly held company through its merger with special purpose acquisition company Churchill Capital Corp. IV (CCIV).

More specifically, leading up to- and in support of- the July 23, 2021 CCIV merger, Lucid and its senior management claimed that the company has over 11,000 paid reservations for its Lucid Air electric vehicle, and that companys Advanced Manufacturing Plant-1 (AMP-1) in Casa Grande, AZ is on track to produce and deliver on those in the second half of 2021.

But, on Dec. 6, 2021, Lucid announced it received a subpoena from the SEC on Dec. 3, 2021 demanding the production of documents related to statements in support of the CCIV merger.

This news drove the price of Lucid shares sharply lower on Dec. 6, 2021.

Were focused on investors losses and whether Lucid and its management may have misled investors about the likelihood and timing of producing and delivering the volume of EVs the company said it would, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Lucid Group and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Lucid Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LCID@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895