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Class Action Lawsuit Deadline: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Canoo Inc
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Class Action Lawsuit Deadline: Kessler Topaz Meltzer &
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Electric vehicle startup Canoo has revealed it is being investigated by the U.S. Securities and Exchange Commission (SEC).
Canoo went public earlier this year through a merger with special purpose acquisition company Hennessy Capital Acquisition Corp and during its quarterly earnings report posted on Monday, it said the SEC investigation covers Hennessy’s IPO and merger with Canoo, as well as the company’s operations, business model, revenues, revenue strategy, customer agreements, earnings, and other related topics.
“The SEC has also informed the Company that the investigation does not mean that it has concluded that anyone has violated the law, and does not mean that it has a negative opinion of any person, entity or security. We intend to provide the requested information and cooperate fully with the SEC investigation,” Canoo said in the regulatory filing,
Canoo Holdings Ltd. ( Canoo Holdings ) was an electric vehicle ( EV ) 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 Merger ).
The Class Period commences on August 18, 2020, when Hennessy Capital and Canoo Holdings issued a joint press release announcing the Merger. In its press release, Canoo Holdings touted its engineering services line and the Hyundai partnership for the co-development of a future EV platform.
On March 29, 2021, after the market closed, Canoo held a conference call in connection with its fourth quarter 2020 financial results which were released the same day. During the call, defendant, Tony Aquila, a director of Canoo since the closing of the Merger, revealed that Canoo would no longer focus on its engineering services line. The same day, Canoo also announced th
(GOEV), (UBER) - Why EV Startup Canoo Is Facing A SEC Investigation
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