Lucid Trims Investor Suit Over Electric Car Production Miss (1)

Lucid Group Inc. and its former CEO convinced a federal judge to partially dismiss investor claims alleging the electric vehicle maker concealed the impact of internal logistical issues on production targets.

The lead plaintiff can lean on four misstatements adequately alleged previously that were made by former CEO Peter Rawlinson concerning Lucid’s manufacturing capacity and which cast production problems as supply chain and pandemic-related issues affecting the entire auto industry, Judge Araceli Martínez-Olguín said Thursday.

But lead plaintiff Sjunde AP-Fonden didn’t adequately plead contemporaneous knowledge of falsity when Rawlinson made other statements about meeting Lucid’s 2022 production targets and delays, ...