The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID) securities between February 25, 2026 and April 13, 2026, inclusive (the “Class Period”). Lucid investors have until July 28, 2026 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR LUCID GROUP, INC. (LCID) INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On April 3, 2026, Lucid announced its first quarter 2026 production and delivery totals, revealing that is had “produced 5,500 vehicles” but only “delivered 3,093 vehicles.” The Company explained that “deliveries of the Lucid Gravity were disrupted for 29 days due to a supplier quality issue with the second-row seats” and, “[a]s a result of this, the company’s ability to meet customer demand was impacted.”
The same day, Reuters published an article regarding Lucid’s delivery results, noting that deliveries had been impacted over a month earlier in February 2026 when Lucid paused to reverse an unauthorized supplier change and inspect vehicles already produced.
Then, on April 6, 2026, 24/7 Wall St. published an article stating that Lucid “cannot sell fewer than 4,000 vehicles and even pretend this is sustainable.”
On this news, Lucid’s stock price fell $1.13, or 11.35%, over two consecutive trading days, to close at $8.83 per share on April 7, 2026, thereby injuring investors.
Then, on April 14, 2026, Lucid released preliminary first quarter 2026 financial results, including revenue in the range of $280 million to $284 million, missing consensus estimates of $433.8 million, and losses from operations in the range of $985 million to $1.005 billion. The Company also revealed plans for a $1.05 billion capital raise, including a $300 million public stock offering.
On this news, Lucid’s stock price fell $0.44, or 4.76%, to close at $8.80 per share on April 14, 2026.
Then, on May 5, 2026, Lucid released its first quarter 2026 financial results, reporting GAAP earnings per share of -$3.46, missing consensus estimates by $0.83, a net loss of over $1 billion, and revenue of $282.47 million, missing consensus estimates by $76.04 million. The Company explained that the “supplier issue . . . during the quarter had an impact,” while also acknowledging that it “ended the quarter with elevated inventory[.]”
On this news, Lucid’s stock price fell $0.50, or 7.47%, over two consecutive trading days, to close at $6.19 per share on May 6, 2026, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) a supplier quality issue had significantly disrupted deliveries of the Lucid Gravity; (2) the foregoing was likely to, and did, have a material negative impact on the Company’s business and financial results; (3) accordingly, the Defendants had overstated the purported enhancements to Lucid’s manufacturing and delivery capabilities and overall operations; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Contact Us To Participate or Learn More:
If you purchased Lucid securities, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
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View source version on businesswire.com: https://www.businesswire.com/news/home/20260603544228/en/
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
