Fuzzy Panda short Lucid Group, calls buyout rumor ‘fake news’

Fuzzy Panda stated in a report published on the firm’s site: "We are SHORT Lucid Group, Inc (LCID) because the source of Friday’s Saudi Public Investment Fund (PIF) buyout rumor is Fake News. A Betaville’s "uncooked alert" was widely cited as the source of LCID rumor that sent Lucid’s shares as high as $17.80 (+99%) and the stock closed at $12.87 (+43%) on the day… We also found that Betaville’s track record of uncooked alerts working out is atrocious. It’s laughable. The usual scenario is that a Betaville rumor causes a stock to bounce for 1 day and then fall right back to where it was trading before. We think the greater than 40% market move in LCID’s stock price presents an unprecedented opportunity to short the stock especially given the suspicious timing that coincided with a lock-up expiration." Shares of Lucid are down 73c, or 6%, to $12.14 in Monday afternoon trading following the short-seller’s report. Reference Link