GOEV CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Canoo Inc.
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz’s law firm announces that it has filed a class action lawsuit in the U.S. District Court for the Central District of California, entitled Kojak v Canoo Inc. et al., Case No. 21-cv -2879 im Names of persons and organizations that make Canoo Inc. (“Canoo” or the “Company”) (NASDAQ: GOEV) f / k / a securities of Hennessy Capital Acquisition Corp. IV (“Hennessy Capital”) purchased or otherwise acquired between August 18, 2020 and March 29, 2021 (including 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 are a shareholder who has suffered a loss, click here to participate.
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 Canoo securities during the class period, you may move the court no later than 60 days after this notice to request 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 have purchased Canoo securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of the Frank R. Law Firms. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, email email@example.com or visit our website at www.frankcruzlaw.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.