NEW YORK, May 24, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of class action lawsuits against Canoo, Inc. (“Canoo” or the “Company”) (NASDAQ: GOEV; GOEVW), formerly known as Hennessy Capital Acquisition Corp. IV (NASDAQ: HCAC; HCACW; HCACU), and certain of its officers, alleging violations of federal securities laws. If you purchased Canoo securities between August 18, 2020 and March 29, 2021, inclusive (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Jonathan Zimmerman for additional information at (888) 398-9312 or firstname.lastname@example.org. The lead plaintiff deadline is June 1, 2021.
After the market closed on March 29, 2021, despite previous statements by Canoo that its engineering capabilities and customer subscription model would lead to growth, the Company revealed that it would no longer focus on its engineering services line. The Company also revealed that it would deemphasize its consumer subscription business model.
On this news, the Company’s stock price fell $2.50 per share, or 21.19%, to close at $9.30 per share on March 30, 2021.
Canoo is an electric vehicle company that previously touted its electric vehicle models as being able to spur significant growth for the Company.
The lawsuits allege, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose: that: (1) Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) Canoo would de-emphasize its engineering services business; and (3) contrary to prior statements, Canoo did not have partnerships with original equipment manufacturers and no longer engaged in the previously announced partnership with Hyundai.
What You Can Do
If you purchased Canoo securities between August 18, 2020 and March 29, 2021, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.