NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 1, 2021 to file lead plaintiff applications in a securities class action lawsuit against Canoo Inc. (NasdaqGS: GOEV, GOEVW) f/k/a Hennessy Capital Acquisition Corp. IV, if they purchased the Company’s securities between August 18, 2020 and March 29, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased securities of Canoo and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-goev/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 1, 2021.
About the Lawsuit
Canoo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On or about December 21, 2020, Canoo Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named “Canoo.” On March 29, 2021, post-market, the Company disclosed significant changes to its business model, previously touted by the Company to investors, deemphasizing its engineering services business and no longer focusing on its subscription-based business.
On this news, shares of Canoo plummeted $2.50, or $21.2%, from a March 29, 2021 close of $11.80 per share to close at $9.30 per share on March 30, 2021, on heavy volume.
The case is Blake v. Canoo Inc., et al., No. 2:21-cv-02873.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.