Certain officers and directors for CIIG Merger Corp. were hit with a stockholder class action on March 22 in Delaware Court of Chancery in connection with the company's merger with Arrival S.a.r.1. and its subsidiary ARSNL Merger Sub. The suit, brought on behalf of Robbins Geller Rudman & Dowd, Robbins LLP and Abraham, Fruchter & Twersky, contends that the defendants inflated the value of CIIG stock by $2 per share, and misrepresented the cost efficiency of Arrival's plans to build 'microfactories.' The case is 2024-0297, Hardy v. Cuneo.
Electric Vehicles
March 25, 2024, 12:20 PM