RADNOR, Pa., April 25, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP is reminding investors that a class action lawsuit for securities fraud has been filed against Canoo Inc. in the US District Court for the Central District of California ( 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”).
Canoo Holdings Ltd. (“Canoo Holdings”) was an electric vehicle company that announced a “unique business model that defies traditional ownership to put customers first”. On or about December 21, 2020, Canoo Holdings became a public entity by merging with Hennessy Capital with the surviving company called Canoo.
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 can, no later than 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 reclaimed billions of dollars on behalf of institutional and individual investors from the US and around 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. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
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)