Lucid Group Inc on Wednesday won the dismissal of a lawsuit accusing the luxury electric car maker of defrauding investors in the special-purpose acquisition company that helped take it public, by significantly overstating its production outlook.
on Wednesday won the dismissal of a lawsuit accusing the luxury electric car maker of defrauding investors in the special-purpose acquisition company that helped take it public, by significantly overstating its production outlook.
As a result, she said Lucid Chief Executive Peter Rawlinson's alleged misleading statements on Feb. 5, 2021 on CNBC's "Squawk on the Street" could not have been material to their decisions to invest in the SPAC. Rawlinson had told CNBC that his Newark, California-based company expected to produce 6,000 to 7,000 units of its Air vehicle in 2021, and had "already built" a factory.
Rogers said the Churchill shareholders had standing to sue over statements made by a different company, Lucid, because they alleged a "discernible" loss from "specific alleged misconduct."
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