Kaplan Fox & Kilsheimer LLP has filed a securities class action against Lucid Group, Inc. on behalf of investors who purchased or acquired Lucid securities between February 25, 2026 and April 13, 2026, with a lead plaintiff deadline of July 28, 2026. The lawsuit follows disclosures that a supplier quality issue disrupted deliveries of the Lucid Gravity for 29 days, contributing to first-quarter production of 5,500 vehicles but only 3,093 deliveries, and preliminary first-quarter revenue of $280 million to $284 million, well below the $433.8 million consensus estimate. Lucid shares fell 11.35% over two sessions after the April 3 delivery update and a further 4.76% on April 14 following the preliminary financial results. The complaint alleges that defendants made false or misleading statements by overstating enhancements to manufacturing and delivery capabilities and failing to disclose the material negative impact of the supplier issue.
Lucid Group IncSecurities class action lawsuit and preliminary Q1 revenue well below consensus estimate.