GOEV CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Canoo Inc.
THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) announces that there has been a class action lawsuit in the US District Court for the Central District of California entitled Kojak v Canoo Inc. et al., Case No. 21-cv-2879 on behalf of the persons and entities that have purchased or otherwise acquired Canoo Inc. (“Canoo” or the “Company”) (NASDAQ: GOEV) (Hennessy Capital Acquisition Corp. IV) (“Hennessy Capital”) ”) Securities between August 18, 2020 and March 29, 2021 inclusive (the“ Class Period ”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days after such notification to appoint the court as the lead plaintiff in this lawsuit.
If you have suffered a loss on your Canoo investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases Submit / canoo-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at Shareholder@glancylaw.com or on our website at www.glancylaw.com for more information about your rights.
Canoo Holdings Ltd. (“Canoo Holdings”) was an electric vehicle company that announced a “unique business model that defies traditional ownership to put customers first”. A delivery vehicle (launching in 2022), a pickup truck (launching in 2023) and a delivery van have all been announced, all based on the same underlying technological platform.
Hennessy Capital was a blank check company formed for the purpose of conducting a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination. On or about December 21, 2020, Canoo Holdings became a public entity by merging with Hennessy Capital with the surviving company called Canoo.
On March 29, 2021, after the market closed, Canoo announced that the company would no longer focus on its engineering service line, which had been touted in the SPAC merger documents just three months earlier and was the foundation of the company’s growth story Canoo made.
In that news, the company’s share price fell $ 2.50, or 21.19%, to close at $ 9.30 per share on March 30, 2021 amid unusually high trading volume.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. In particular, defendants have failed to advise investors: (1) that Canoo has been less focused on its plan to sell vehicles to consumers through a subscription model; (2) that Canoo would downgrade its engineering services business; (3) that, contrary to previous statements, Canoo did not have any partnerships with original equipment manufacturers and was no longer involved in the previously announced partnership with Hyundai; and (4) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
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If you purchased or otherwise acquired Canoo securities during the class period, you may move the court no later than 60 days after this notice and ask the court to appoint you as the lead plaintiff. You don’t need to take any action at this point to be a member of the class. You can keep an attorney of your choice or take no action and remain an absent member of the class. If you would like to learn more about this promotion, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email Shareholders@glancylaw.com, or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.