Investor Claims Electric Car SPAC Hype Was Fraud

Law360 (June 10, 2021, 6:30 PM EDT) -- An investor in special purpose acquisition company Churchill Capital Corporation IV has launched a proposed class action in New Jersey federal court alleging Churchill and electric car company Lucid Motors misrepresented Lucid's production goals, driving up trading prices for Churchill shares as rumors swirled that the SPAC would buy Lucid to bring it public.

In the Wednesday action, plaintiff Chris Arico claimed that a series of media reports on the companies in the months before their official merger announcement hyped both details about the deal and Lucid's plans to start production for a new electric car, the Lucid Air. Some reports...

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