Canada markets closed
  • S&P/TSX

    19,999.59
    -144.45 (-0.72%)
     
  • S&P 500

    4,166.45
    -55.41 (-1.31%)
     
  • DOW

    33,290.08
    -533.37 (-1.58%)
     
  • CAD/USD

    0.8021
    -0.0073 (-0.90%)
     
  • CRUDE OIL

    71.50
    +0.46 (+0.65%)
     
  • BTC-CAD

    42,597.83
    -2,579.21 (-5.71%)
     
  • CMC Crypto 200

    888.52
    -51.42 (-5.47%)
     
  • GOLD FUTURES

    1,763.90
    -10.90 (-0.61%)
     
  • RUSSELL 2000

    2,237.75
    -49.71 (-2.17%)
     
  • 10-Yr Bond

    1.4500
    -0.0610 (-4.04%)
     
  • NASDAQ

    14,030.38
    -130.97 (-0.92%)
     
  • VOLATILITY

    20.70
    +2.95 (+16.62%)
     
  • FTSE

    7,017.47
    -135.96 (-1.90%)
     
  • NIKKEI 225

    28,964.08
    -54.25 (-0.19%)
     
  • CAD/EUR

    0.6758
    -0.0036 (-0.53%)
     

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Canoo (GOEV) Investors with Losses to Contact the Firm to Recover Losses Due to Alleged Securities Fraud

  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
  • Oops!
    Something went wrong.
    Please try again later.

San Francisco, California--(Newsfile Corp. - May 17, 2021) - Hagens Berman urges Canoo Inc. f/k/a Hennessy Capital Acquisition Corp. IV (NASDAQ: GOEV) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.

Class Period: Aug. 18, 2020 - Mar. 29, 2021
Lead Plaintiff Deadline: June 1, 2021
Visit: www.hbsslaw.com/investor-fraud/GOEV
Contact An Attorney Now: GOEV@hbsslaw.com
844-916-0895

Canoo Inc. (NASDAQ: GOEV) Securities Fraud Class Action:

The complaint alleges Canoo misled investors before and after going public through a SPAC closing on Dec. 21, 2020.

Specifically, Defendants repeatedly touted a three-pronged strategy to generate revenue and growth: (i) an engineering services segment; (ii) the sales of subscriptions of vehicles to consumers; and (iii) the sale of vehicles to other businesses. Canoo also emphasized its agreements with established OEMs, including with Hyundai for the co-development of a future EV platform

In truth, defendants concealed that Canoo (1) had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) would de-emphasize its engineering services business; and (3) did not have partnerships with OEMs and no longer engaged in the previously announced partnership with Hyundai.

On Mar. 29, 2021, the truth emerged when Canoo abruptly announced its CFO was being replaced, that it would deemphasize its engineering services business, would no longer focus on subscription sales to consumers, and try to make and sell its own vehicles to commercial operators. Moreover, on a call with investors, Canoo's Chairman characterized senior management's statements concerning the company's partnerships as "aggressive" and that "they weren't at our standard of representation to the public markets."

In response to this news, analyst Roth Capital downgraded the company's shares from buy to neutral buy and slashed its price target, and the price of Canoo shares crashed.

Most recently, on Apr. 22, 2021 Canoo abruptly announced additional C-Suite departures. This time, the company announced, CEO Ulrich Kranz and General Counsel Andrew Wolstan will leave Canoo effective Apr. 30, 2021.

"We're focused on investors' losses and proving defendants intentionally misrepresented the viability of Canoo's business model and business partnerships," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Canoo investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Canoo should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email GOEV@hbsslaw.com.

# # #

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84357

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting