Why Lucid Shares Are Sliding Today

Lucid Group Inc LCID is trading lower Monday morning after the company said it received a subpoena from the SEC requesting documents related to an investigation.

"On December 3, 2021, Lucid Group, Inc received a subpoena from the Securities and Exchange Commission requesting the production of certain documents related to an investigation by the SEC," Lucid said in a recently filed Form 8-K.

"Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc. and certain projections and statements. The company is cooperating fully with the SEC in its review."

The Lucid Air was selected as the 2022 MotorTrend Car of the Year last month.

See Also: Pete Najarian Buys Lucid Call Options, Thinks 'Someday Will Be Very Very Competitive' With Tesla

Lucid is a technology and automotive company. It develops the next generation of electric vehicle (EV) technologies.

LCID Price Action: Lucid was down 16% at $39.70 Monday morning.

Photo: courtesy of Lucid.