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Thu. 8 Apr 2021, 2:56pm ETBenzinga
In: News, Legal, Press Releases

NEW YORK, April 08, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California has been filed against Canoo Inc. (the "Company" (NASDAQ: GOEV; GOEVW) ("Canoo") f/k/a Hennessy Capital Acquisition Corp. IV (NASDAQ:HCAC, HCACW, HCACU))) ("Hennessy Capital") on behalf of those who purchased or acquired Canoo securities between August 18, 2020 and March 29, 2021, inclusive (the "Class Period").

All investors who purchased shares of Canoo Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the shares of Canoo Inc. you may, no later than June 1, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Canoo Inc.

CLICK HERE TO JOIN CASE

Canoo was formed by a business combination between Hennessy Capital Acquisition Corp. IV (a special purpose acquisition (SPAC) company) and Canoo Holdings Limited in December 2020. The Company is a mobile technology company that develops electric vehicles.

The filed complaint alleges that prior to and after the combination, the Company promoted a business model based on a three-phased approach to generating revenue and growth:

  • an engineering services segment,
  • the sales of subscriptions to vehicles to consumers, and
  • the sale of vehicles to other businesses.

On March 29, 2021, the Company revealed that it was radically changing its business model by deemphasizing its engineering services business and by no longer focusing on its subscription-based business.

In response to this news, Canoo fell $2.50 per share ($21.2%) from a March 29, 2021 close of $11.80 per share to close at $9.30 per share on March 30, 2021.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Kevin Cooper, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.