SAN DIEGO–(BUSINESS WIRE) – Robbins Geller Rudman & Dowd LLP announces that between August 18, 2020 and March 29, 2020, in the Central District of California, a class action lawsuit has been filed on behalf of buyers of Canoo Inc. (NASDAQ: GOEV; NASDAQ: GOEVW) securities became, 2021 inclusive (the “Class Period”). The case is entitled Blake v Canoo Inc., No. 21-cv-02873, and is assigned to Judge Fernando M. Olguin. Canoo’s class action lawsuit accuses Canoo and some of its executives of violating the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Canoo securities during the class period to seek appointment as the lead plaintiff in the Canoo class action. A lead plaintiff is generally the applicant with the greatest financial interest in the relief sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other class members in directing the Canoo class action. The lead plaintiff can choose a law firm of their choice to bring Canoo’s class action lawsuit. An investor’s ability to participate in a possible future recovery of Canoo’s class action lawsuit does not depend on whether they are the lead plaintiff. If you would like to stand as the lead plaintiff in the Canoo class action or have any questions about your rights in relation to the Canoo class action, please complete your information here or contact attorney Jennifer Caringal of Robbins Geller at 800 / 449-4900 or 619 / 231-1058 or by email to JCaringal@rgrdlaw.com. Motions by lead plaintiffs for Canoo’s class action lawsuit must be filed with the court by June 1, 2021 at the latest.
Canoo Holdings Ltd. (“Canoo Holdings”) was an electric vehicle company that announced a “unique business model that defies traditional ownership to put customers first”. Canoo Holdings has announced a delivery vehicle (starting 2022), a pickup truck (starting 2023) and a delivery truck, all based on the same underlying technological platform. The Hennessy Capital Acquisition Corp. IV (“Hennessy Capital”) was a blank check company, also known as a Special Purpose Acquisition Company (“SPAC”), which was formed for the purpose of conducting a merger, a capital exchange, the acquisition of assets and the purchase of shares, reorganization or the like 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.
Canoo’s class action alleges that throughout the classroom, the defendants made false and / or misleading statements and / or failed to disclose that: (i) Canoo’s focus on its plan to sell vehicles to consumers through a subscription model; has decreased; (ii) Canoo would downgrade its engineering services business; (iii) 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 (iv) as a result of the foregoing, Defendants’ positive statements about Canoo’s business, operations and prospects were materially misleading and / or lacking a reasonable basis.
On March 29, 2021, Canoo announced that Canoo would no longer focus on its engineering service line, which had been touted in the SPAC merger documents just three months earlier and formed the basis of Canoo’s growth story. In the news, Canoo’s share price fell more than 21.19%, which hurt investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms serving investors in class action lawsuits. With 200 attorneys in 9 law firms, Robbins Geller has filed many of the largest securities lawsuits in history. For eight consecutive years, ISS Securities Class Action Services has ranked the firm as one of the world’s top law firms in its annual SCAS Top 50 report, both in terms of amount recovered for shareholders and total number of class action lawsuits. Robbins Geller’s lawyers helped shape securities laws and reclaimed tens of billions of dollars on behalf of injured victims. In addition to securing financial repayments for duped investors, Robbins Geller is focused on implementing corporate governance reforms that will help improve financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by the courts, professional associations and the media as the leading attorneys in the industry. Please visit http://www.rgrdlaw.com for more information.