ANGELS–(BUSINESS WIRE) –Glancy Prongay and Murray LLP (GPM), announces that it has filed a class action lawsuit in the United States District Court for the Central District of California, captioned Kojak v. Canoo Inc. et al., Case No. 21-cv-2879, on behalf of persons and entities that have purchased or otherwise acquired Canoo Inc. (Canoo or the Company) (NASDAQ: GOEV) f / k / a Hennessy Capital Acquisition Corp. IV (Hennessy Capital) securities between August 18, 2020 and March 29, 2021, inclusive (the period of the course). The plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the Exchange Act).
Investors are hereby informed that they have until 60 days from this notice to ask the Court to play the role of principal plaintiff in this action.
If you have suffered a loss on your Canoo investments or would like to inquire about the potential pursuit of claims to recover your loss under federal securities laws, you can submit your details to the following address: https://www.glancylaw.com/cases/canoo-inc/. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] or visit our website at www.glancylaw.com to find out more about your rights.
Canoo Holdings Ltd. (Canoo Holdings) was an electric vehicle company that touted a unique business model that challenges traditional ownership to put customers first. It announced a delivery vehicle (to launch in 2022), a pickup truck (to launch in 2023) and a van, all built on the same underlying technology platform.
Hennessy Capital was a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, share purchase, reorganization or consolidation of similar companies. On or about December 21, 2020, Canoo Holdings became a public entity by merger with Hennessy Capital, the surviving entity named Canoo.
On March 29, 2021, after the market closed, Canoo revealed that the company would no longer focus on its line of engineering services, which had been touted in the PSPC merger documents three months earlier and formed the basis of the Canoos Growth Story.
At this news, the Companys share price fell $ 2.50, or 21.19%, to close at $ 9.30 per share on March 30, 2021, on unusually high trading volume.
The complaint filed in this class action alleges that throughout the class action period, the defendants made materially false and / or misleading statements, as well as failed to disclose material adverse facts about the business, operations and prospects. of the society. Specifically, the defendants did not disclose to investors: (1) that Canoo had reduced its focus on its plan to sell vehicles to consumers through a subscription model; (2) that Canoo would reduce the focus on its engineering services business; (3) that, contrary to previous statements, Canoo did not have partnerships with original equipment manufacturers and no longer participated in the previously announced partnership with Hyundai; and (4) therefore, the defendants’ statements about its business, activities and prospects were materially false and misleading and / or lacked reasonable basis at all material times.
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If you have purchased or otherwise acquired Canoo Securities during the Class Period, you may move to Court no later than 60 days from this notice ask the court to appoint you as the principal plaintiff. To be a member of the Group, you do not have to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If inquiring by email, please include your mailing address, phone number, and number of shares purchased.
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