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Radnor, Pennsylvania, May 15, 2021 (Global News)-The law firm Kessler Topaz Meltzer & Check (LLP) announced that a class action lawsuit against securities fraud has been filed in California, USA Filed by the Central District Court, Canoo Inc. (NASDAQ:electric car, GOEVW)) (“Canoo”) f / k / a Hennessy Capital Acquisition Corp. IV (NASDAQ:HCAC, HCACW, HCACU)) (“Hennessy Capital”) represents a person who purchases or purchases Canoo securities Between August 18, 2020 and March 29, 2021(Inclusive) (“During Class”).
Investor deadline reminder: Investors who buy or buy Canoo securities During class, No later than June 1, 2021, Seeking to be appointed as the chief plaintiff representative of this category. For more information or to learn how to participate in the lawsuit, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; Toll free (844) 887-9500; Send by email to info@ktmc.com; 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”) is an electric vehicle (“EV”) company that touts a “unique business model that ignores traditional ownership and puts customers first.” Around December 21, 2020, Canoo Holdings became a public entity through the merger with Hennessy Capital, and the surviving entity was named Canoo (the “merger”).
Class time began on August 18, 2020, when Hennessy Capital and Canoo Holdings issued a joint press release announcing the merger. In its press release, Canoo Holdings touted its engineering service line and Hyundai partnership to jointly develop future electric vehicle platforms.
On March 29, 2021, after the market was closed, Canoo held a conference call to discuss its financial results for the fourth quarter of 2020 released on that day. During the conference call, the defendant, Tony Aquila, who has served as Canoo’s director since the merger, revealed that Canoo will no longer focus on its engineering service line. On the same day, Canoo also announced that Paul Balciunas, who served as Canoo’s chief financial officer after the merger, had resigned, effective April 2, 2021. After the news came out, Canoo’s stock price fell by US$2.50, or 21.19%, to close at US$9.30 per share on March 30, 2021.
The complaint stated that during the entire class, the defendant did not disclose to investors: (1) Canoo no longer focuses on the plan to sell vehicles to consumers through the subscription model; (2) Canoo will no longer emphasize its engineering service business; (3) Contrary to the previous statement, Canoo has not established a partnership with original equipment manufacturers, nor is it engaged in the previously announced partnership with Hyundai; (4) Due to the above reasons, the defendant is positive about Canoo’s business, operations, and prospects. The statement is materially misleading and/or lacks reasonable basis.
Canoo investors may No later than June 1, 2021, Seeking to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other consultants, or may choose not to do anything and remain absent. The lead plaintiff is the representative of the class members who represent all litigations in the litigation. In order to be appointed as the main plaintiff, the court must determine that the claims of the class member are typical of the claims of other class members, and that the class member will fully represent the class. Your ability to share any recovery is not affected by the decision whether or not to act as the main plaintiff.
Attorney Kessler Topaz Meltzer & Check is suing class actions involving securities fraud, breach of fiduciary duty, and other violations of state and federal laws in state and federal courts across the country. Kessler Topaz Meltzer & Check, LLP is the driving force of corporate governance reform and has recovered billions of dollars on behalf of institutional investors and individual investors in the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). Kessler Topaz Meltzer & Check, LLP did not file a lawsuit.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
contact:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr.
Adrienne Bell, Esq.
280 Prussian Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
info@ktmc.com
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