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RADNOR, Pa., May 23, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Central District of California against Canoo Inc. (NASDAQ: GOEV; GOEVW) (“Canoo”) f/k/a Hennessy Capital Acquisition Corp. IV (NASDAQ: HCAC; HCACW; HCACU) (“Hennessy Capital”) on behalf of those who purchased or acquired Canoo securities between August 18, 2020 and March 29, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired Canoo securities during the Class Period may, no later than June 1, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/canoo-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=Canoo
Canoo Holdings Ltd. (“Canoo Holdings”) was an electric vehicle (“EV”) company that touted a “unique business model that defies traditional ownership to put customers first.” It announced a delivery vehicle (to launch in 2022), pickup truck (to launch in 2023), and van, all of which are built on the same underlying technological platform. Hennessy Capital was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. On or about December 21, 2020, Canoo Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo (the “Merger”).
The Class Period commences 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 services line and the Hyundai partnership for the co-development of a future EV platform.
On September 18, 2020, Canoo filed its Registration Statement on a Form S-1 with the U.S. Securities and Exchange Commission (“SEC”). The Registration Statement was subsequently amended on October 23, 2020 and November 27, 2020. Canoo also filed its Prospectus on a Form 424b3 with the SEC on December 4, 2020. On December 21, 2020, stockholders voted at a special meeting to approve the Merger.
On March 29, 2021, after the market closed, Canoo held a conference call in connection with its fourth quarter 2020 financial results which were released the same day. During the call, defendant, Tony Aquila, a director of Canoo since the closing of the Merger, revealed that Canoo would no longer focus on its engineering services line. The same day, Canoo also announced that Paul Balciunas, who served as the Chief Financial Officer of Canoo following the close of the Merger, had resigned, effective April 2, 2021. Following this news, Canoo’s stock price fell $2.50, or 21.19%, to close at $9.30 per share on March 30, 2021.