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Canoo Holdings Ltd. ("Canoo Holdings") was an electric vehicle company that touted a "unique business model that defies traditional ownership to put customers first." On or about December 21, 2020, Canoo Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo.
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.