Kessler Topaz Meltzer & Check, LLP: Investigation on Behalf of Canoo Inc. Shareholders

Case Background:

On March 29, 2021, Canoo issued a press release announcing its fourth quarter and full year 2020 financial results, reporting a net loss of $89.9 million for the year. Canoo also announced that its Chief Financial Officer, Paul Balciunas, notified Canoo of his intention to resign. 

The same day, The Verge released an article entitled “Canoo’s deal with Hyundai appears dead: The startup’s also changed its tune on selling EV tech to big companies.” The article stated in part that “[w]hen pressed on the startup’s previous claims,” the current chairman pointed to its prior leadership and said “they were a little more aggressive” and “that talk of potential partnerships was ‘presumptuous.’” The article also stated that “Canoo quietly uploaded a new investor presentation to its investor relations website on Monday that no longer mentions Hyundai.” 

Following this news, the price of Canoo’s common stock fell approximately 21.2%, down from its March 29, 2021 closing price of $11.80 to a March 30, 2021 close of $9.30.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, 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; or via e-mail at [email protected].  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.