Lucid Group Sued by Dentons Firm Over De-SPAC Share Conversion

Lucid Group Inc., the Saudi-backed electric vehicle maker that went public last month by merging with a blank-check company, was hit with a lawsuit in Delaware by Dentons US LLP, a white-shoe law firm claiming it was wrongly cut out of the deal.

The heavily redacted complaint, made public late Tuesday in Delaware Chancery Court, accuses Lucid of refusing to intervene in efforts by a Seychelles-based entity, Pisces Co., to sell or transfer Lucid shares encumbered by the law firm’s “financial and security interests.”

The suit also targets Pisces, which was allegedly formed by an unidentified party to hold the ...