Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Lucid Group, Inc. (“Lucid Group” or the “Company”) (NASDAQ: LCID) and reminds investors of the July 28, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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’ public statements were materially false and misleading at all relevant times.
The truth began to emerge on April 3, 2026, when Lucid issued a press release “announcing its Q1 2026 production and delivery totals[.]” Lucid revealed that it had “produced 5,500 vehicles” during Q1 2026, while only “delivering 3,093 vehicles.” The press release further disclosed that, “during the quarter, 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 entitled “Lucid misses first-quarter vehicle delivery estimates on supplier disruptions”. The article provided additional color and comments from Defendant Marc Winterhoff (“Winterhoff”), the Company’s Interim Chief Executive Officer, regarding Lucid’s disappointing Q1 2026 delivery results-most notably that deliveries were particularly impacted over a month earlier in February 2026, when Lucid paused to reverse an unauthorized supplier change and inspect vehicles already produced.
The next trading day, April 6, 2026, 24/7 Wall St. published an article entitled “Lucid Faces Biggest Disaster Ever”, which described the number of vehicles that Lucid delivered in Q1 2026 as “remarkably small”, stating that Lucid “cannot sell fewer than 4,000 vehicles and even pretend this is sustainable.”
Following the foregoing news and disclosures, Lucid’s stock price fell $1.13 per share, or 11.35%, over the following two trading sessions, to close at $8.83 per share on April 7, 2026.
On April 14, 2026, Lucid filed a current report on Form 8-K with the United States Securities and Exchange Commission, reporting, inter alia, its preliminary Q1 2026 financial results, including revenue in the range of $280 million to $284 million-well below the consensus estimate of $433.8 million-and losses from operations in the range of $985 million to $1.005 billion. The same day, Lucid issued a press release revealing its plans for a $1.05 billion capital raise, including a $300 million public stock offering.
Following these disclosures, Lucid’s stock price fell $0.44 per share, or 4.76%, to close at $8.80 per share on April 14, 2026.
Then, on May 5, 2026, Lucid issued a press release reporting its Q1 2026 financial results, including 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. Defendant Winterhoff, as quoted in the press release, acknowledged that the previously disclosed “supplier issue . . . during the quarter had an impact,” and the need to “align[] production and delivery with customer demand.” Lucid’s Chief Financial Officer, Defendant Taoufiq Boussaid, as quoted in the same press release, likewise acknowledged that “[w]e ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalize[.]”
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lucid Group’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Lucid Group class action, go to www.faruqilaw.com/LCID or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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