Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Canoo, Inc.,
NEW YORK, April 8, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have bought or acquired the securities of Canoo Inc. “Canoo” or “Company”) (NASDAQ: GOEV) from August 18, 2020 to March 29, 2021 (“Class Period”). The lawsuit filed in the US District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you bought Canoo securities and / or would like to discuss your legal rights and options Please visit Canoo Shareholder’s class action lawsuit or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that during the class period, defendants made materially false and / or misleading statements and / or failed to disclose that: (i) a segment of engineering services, (ii) the sale of subscriptions to vehicles to consumers, and ( iii) the sale of vehicles to other companies. The complaint alleges that on March 29, 2021, the company announced that it had radically changed its business model by downgrading its engineering services business and no longer focusing on its subscription business.
On March 29, 2021, after the markets closed, Canoo released a press release (“Q4 Release”) that published the results for the fourth quarter and full year 2020. With the release of the fourth quarter, the language that advertised its “unique business model” was removed and merely said: “Canoo has developed groundbreaking electric vehicles that are reinventing the automotive landscape with bold innovations in design and groundbreaking technologies.”
On the same day, the company held a conference call to discuss its financial results (the “Q4 Conference Call”). During the call, the Defendant Aquila announced that the Defendant Balciunas will be replaced as CFO. The company’s CEO, Defendant Kranz, was not on duty. During the Q4 call, Defendant Aquila announced that “our board of directors has decided not to re-emphasize the contract engineering service line originally established”.
In response to this news, Canoo’s shares fell $ 2.50 (or 21.2%) from a close of trading on March 29, 2021, from $ 11.80 per share to $ 9.30 per share on March 30, 2021 high volume.
If you want to serve as the lead plaintiff, you must transfer the court by June 1, 2021 at the latest. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you bought Canoo securities and / or would like to discuss your legal rights and options Please visit https://www.bernlieb.com/cases/canooinc-goev-shareholder-class-action-lawsuit-stock-fraud-386/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its success in litigation involving hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP