Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Canoo Inc.

RADNOR, Pa., April 6, 2021 / PRNewswire / – Kessler Topaz Meltzer & Check, LLP law firm announces that a class action lawsuit has been filed for securities fraud The United States District Court for the Central District of California v Canoo Inc. (NASDAQ: GOEV; GOEVW) (“Canoo”) f / k / a Hennessy Capital Acquisition Corp. IV (NASDAQ: HCAC; HCACW; HCACU) (“Hennessy Capital”) on behalf of those who have bought or acquired Canoo securities between August 18, 2020 and March 29, 2021including (the “Class Period”).

Investor deadline reminder: Investors who bought or acquired Canoo securities during the class period can do so no later than June 1, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to [email protected];; or click on https://www.ktmc.com/canoo-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=Canoo

Canoo Holdings Ltd. (“Canoo Holdings”) was an electric vehicle (“EV”) company that announced a “unique business model that defies traditional ownership to put customers first”. A delivery vehicle (start 2022), a pickup (start 2023) and a delivery van have all been announced, all based on the same underlying technological platform. Hennessy Capital was a special purpose vehicle formed to conduct a merger, stock exchange, asset purchase, stock purchase, reorganization, or similar business combination. Up or over December 21, 2020Canoo Holdings became a public entity through its merger with Hennessy Capital with the surviving entity called Canoo (the “Merger”).

The lesson begins on August 18, 2020when Hennessy Capital and Canoo Holdings issued a joint press release announcing the merger. In its press release, Canoo Holdings praised its engineering service line and Hyundai partnership for jointly developing a future EV platform.

On September 18, 2020Canoo filed its registration statement on a Form S-1 with the US Securities and Exchange Commission (“SEC”). The registration statement was changed later on October 23, 2020 and November 27, 2020. Canoo also filed its prospectus with the SEC on a Form 424b3 December 4th, 2020. Am December 21, 2020The shareholders voted at a special meeting to approve the merger.

On March 29, 2021After the market closed, Canoo held a conference call in connection with the fourth quarter 2020 financial results released on the same day. During the call, defendant Tony Aquila, director of Canoo since the closing of the transaction, announced that Canoo would no longer focus on its engineering services business. Canoo announced this on the same day Paul Balciunas, who acted as Canoo’s CFO after the merger, had resigned with effect from his resignation 2nd of AprilAfter the news, Canoo’s share price fell $ 2.50or 21.19% to close at $ 9.30 per share on March 30, 2021.

The complaint alleges that throughout the class period, defendants failed to advise investors that: (1) Canoo was less focused on its plan to sell vehicles to consumers through a subscription model; (2) Canoo would downgrade its engineering services business; (3) Contrary to previous statements, Canoo had no partnerships with original equipment manufacturers and was no longer involved in the previously announced partnership with Hyundai. and (4) as a result of the foregoing, Defendants’ positive statements about Canoo’s business, operations and prospects were materially misleading and / or unfounded.

Canoo investors are allowed at the latest June 1, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.

Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP

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