Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Canoo Inc. and Encourages Investors to Contact the Firm Before June 1, 2021
NEW YORK, April 23, 2021 (GLOBE NEWSWIRE) – Law firm Kirby McInerney LLP is reminding investors that a class action lawsuit has been filed in the US District Court for the Central District of California on behalf of those who acquired Canoo Inc. (“Canoo” or the “Company”) f / k / a securities of Hennessy Capital Acquisition Corp. (NASDAQ: GOEV) from August 18, 2020 through March 29, 2021 inclusive (the “Class Period”). Investors have until June 1, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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. The company was founded in December 2020 through a business combination between Hennessy Capital Acquisition Corp. IV (a Special Purpose Acquisition (SPAC)) and Canoo Holdings Limited.
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, Canoo stock fell $ 2.50 per share, or approximately 21.19%, to close at $ 9.30 per share on March 30, 2021 amid unusually high trading volume.
The lawsuit alleges that throughout the teaching period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business, and prospects. 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 have purchased Canoo securities, have information, or would like to learn more about such claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by emailing firstname.lastname@example.org, or by contacting fill out this contact form to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney is a New York-based law firm focused on securities, antitrust, and whistleblower litigation. The company’s efforts on behalf of shareholders in securities disputes have resulted in total recoveries of $ billion. For more information about the company, please visit Kirby McInerney’s website: www.kmllp.com.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600