Key Takeaways:
Pomerantz LLP filed a third securities class action against Lucid Group on June 16, alleging the EV maker misled investors about a supplier quality issue that disrupted deliveries.
"Lucid's public statements were materially false and misleading throughout the class period," the complaint filed in the US District Court for the Northern District of California said.
The lawsuit, docketed under 26-cv-05128, covers investors who bought Lucid securities between Feb. 25 and April 13. It follows similar actions from Faruqi & Faruqi and the Schall Law Firm, all centered on a supplier seat defect that halted Lucid Gravity deliveries for 29 days.
The company delivered only 3,093 vehicles in the first quarter, well below expectations. Q1 revenue of $280 million to $284 million missed the consensus estimate of $433.8 million, and the company posted a net loss of more than $1 billion, or minus $3.46 a share.
The lead plaintiff deadline is July 28. Investors with the largest financial interest may seek appointment to direct the litigation. The class has not yet been certified.
The allegations stem from a supplier quality issue that disrupted deliveries of the Lucid Gravity SUV, the company's second model after the Air sedan. Lucid also faces a separate recall of older sedans over inverter failures that can cut power while driving, adding to the company's operational challenges.
The mounting legal challenges compound Lucid's production headwinds as it tries to ramp output of the Gravity. Investors will watch for the lead plaintiff appointment on July 28 and any further disclosures about the supplier issue in the company's next quarterly filing.
This article is for informational purposes only and does not constitute investment advice.
