The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Canoo Inc. (GOEV)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz law firm is reminding investors of the upcoming June 1, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors, Canoo Inc. (“Canoo” or the “Company”).) (NASDAQ: GOEV) f / k / a securities of Hennessy Capital Acquisition Corp. IV (“Hennessy Capital”) between August 18, 2020 and March 29, 2021 inclusive (the “Class Period”).
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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 to conduct a merger, stock exchange, asset purchase, 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 disclose to investors: (1) Canoo had 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 maintain 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 request the court to appoint you as the lead plaintiff in this alleged class action no later than June 1, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of the Frank R. Cruz Law Firms, 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.
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