Why Lucid Group Stock Is Down Sharply Today

Shares of electric-vehicle maker Lucid Group (NASDAQ: LCID) opened sharply lower on Monday after the company disclosed in a regulatory filing that it received a subpoena for documents from the U.S. Securities and Exchange Commission (SEC). As of 11:00 a.m. ET, Lucid's shares were down about 8.3% from Friday's closing price. In an 8-K filed on Monday morning, Lucid disclosed that it received a subpoena from the SEC on Dec. 3 that requested documents "related to an investigation" by the Commission.