Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Canoo Holdings Ltd. (“Canoo”) securities between December 21, 2020 and March 29, 2021, inclusive (the “Class Period”).
Canoo was an electric vehicle 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 became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo Inc.
The complaint alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) Canoo would deemphasize its engineering services business; (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; and (4) as a result of the foregoing, the Defendants’ positive statements about Canoo’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On October 22, 2025, the Court granted in part and denied in part Defendants’ Motion to Dismiss the Amended Complaint and allowed Defendants until November 26, 2025 to file an Answer. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. 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.