Flying The Web For News.
  • Career Exam Study
    Career Exam Study
  • E-commerce Guide
    E-commerce Guide
  • Dropshipping Guide
    Dropshipping Guide
  • Microsoft Exam
    Microsoft Exam
  • IT Career News
    IT Career News
+ Larger Font | - Smaller Font
Share

COVID-19 Map Tracker | COVID-19 News Features


Globe NewsWire News Distribution Service



SAN FRANCISCO, April 07, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Canoo Inc. f/k/a Hennessy Capital Acquisition Corp. IV (NASDAQ: GOEV) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.


Class Period: Aug. 18, 2020 – Mar. 29, 2021
Lead Plaintiff Deadline: June 1, 2021
Visit: www.hbsslaw.com/investor-fraud/GOEV
Contact An Attorney Now: This email address is being protected from spambots. You need JavaScript enabled to view it.
                                              844-916-0895

Canoo Inc. (NASDAQ: GOEV) Securities Fraud Class Action:

The complaint alleges Canoo misled investors before and after going public through a SPAC closing on Dec. 21, 2020.

Specifically, Defendants repeatedly touted a three-pronged strategy to generate revenue and growth: (i) an engineering services segment; (ii) the sales of subscriptions of vehicles to consumers; and (iii) the sale of vehicles to other businesses. Canoo also emphasized its agreements with established OEMs, including with Hyundai for the co-development of a future EV platform.

In truth, defendants concealed that Canoo (1) had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) would de-emphasize its engineering services business; and (3) did not have partnerships with OEMs and no longer engaged in the previously announced partnership with Hyundai.

On Mar. 29, 2021, the truth emerged when Canoo abruptly announced its CFO was being replaced, that it would deemphasize its engineering services business, would no longer focus on subscription sales to consumers, and try to make and sell its own vehicles to commercial operators. Moreover, on a call with investors, Canoo’s Chairman characterized senior management’s statements concerning the company’s partnerships as “aggressive” and that “they weren’t at our standard of representation to the public markets.”

In response to this news, analyst Roth Capital downgraded the company’s shares from buy to neutral buy and slashed its price target, and the price of Canoo shares crashed.

“We’re focused on investors’ losses and proving defendants intentionally misrepresented the viability of Canoo’s business model and business partnerships,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Canoo investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Canoo should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895

 




Posted: 2021-04-08 00:05:00

Get Full News Story On GlobeNewsWire Press Release Service


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.



Related News Stories From The Web And More

Related Bing News Search Results

Press Release: HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Canoo (GOEV) Investors with Losses to Contact Its Attorneys Now, Securities Fraud Case Filed - Newscast

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Canoo (GOEV) Investors with Losses to Contact Its Attorneys Now, Securities Fraud Case Filed

Mon, 12 Apr 2021 15:42:00 GMTCanoo Inc. (NASDAQ: GOEV) Securities Fraud Class Action ... Story continues “We’re focused on investors’ losses and proving defendants intentionally misrepresented the viability of Canoo ...

ROSEN, A TOP RANKED FIRM, Encourages Neptune Wellness Solutions Inc. Investors With Losses to ...

Mon, 12 Apr 2021 14:17:00 GMTRosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Neptune Wellness Solutions Inc. (NASDAQ: NEPT) between July 24, 2019 and February 16, 2021, inclusive (the ...

Fitch Ratings Publishes Updated U.S. Auto Lease ABS Rating Criteria

Mon, 12 Apr 2021 11:28:00 GMTAdditionally, material concentrations in the timing of lease maturities can expose the ABS performance disproportionately to periods of elevated residual losses ... to investors by the issuer and its ...

ROSEN, NATIONAL TRIAL LAWYERS, Encourages BELLUS Health Inc. Investors with Losses to Secure ...

Sat, 10 Apr 2021 14:47:00 GMTRosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of BELLUS Health Inc. (NASDAQ: BLU) between September 5, 2019 and July 5, 2020, inclusive (the “Class Period”), ...

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts...

Sat, 10 Apr 2021 08:27:00 GMTEHang Holdings Limited (EH) Securities Litigation: The Complaint alleges that throughout ... "We're focused on investor losses and proving EH lied about its revenues, customers and regulatory ...

Related News Story Videos From Youtube