| COMPANY |
Canoo Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
21.02873 |
| JUDGE |
The Honorable Fernando M. Olguin |
| CLASS PERIOD |
August 18, 2020 - March 29, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
Canoo Holdings Ltd. (“Canoo Holdings”) 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 Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo Inc.
The complaint alleges that, throughout the Class Period, the 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.
Current Status of Case:
On November 20, 2023, Defendants filed a Motion to Dismiss the complaint. Lead Plaintiff filed an Opposition to Defendants’ Motion to Dismiss the complaint on January 4, 2024. This action is ongoing.
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: Jon Naji, Esq. (484) 270-1453; 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.