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A US District Court dismissed a lawsuit against Lucid in which the company was accused of defrauding investors by overstating its production outlook in a public offering SPAC.

The class action lawsuit was filed by Churchill Capital Corp IV shareholders, and alleged that Lucid CEO Peter Rawlinson made false statements during an interview on February 5, 2021 on CNBC’s “Squawk on the Street.” During the interview, Rawlinson stated that Lucid anticipated producing between 6,000 and 7,000 units of the Air sedan in 2021 and that the company had already constructed a factory.

Lucid Clears Fraud Accusation in Dismissed Lawsuit Against SPAC Public Offering
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