Canoo, Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm

Canoo, Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm

Investors with $50,000 in losses are encouraged to contact the firm before June 1, 2021; click here to submit trade information

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Canoo, Inc. (NASDAQ: GOEV) investors that acquired shares between August 18, 2020 and March 29, 2021. Investors have until June 1, 2021 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

Canoo filed its Registration Statement on a Form S-1 with the U.S. Securities and Exchange Commission ("SEC") on September 18, 2020. Subsequently, the Registration Statement was amended on October 23, 2020 and November 27, 2020. On December 4, 2020 Canoo also filed its Prospectus on a Form 424b3 with the SEC. Stockholders voted at a special meeting to approve the Merger on December 21, 2020. After the market closed on March 29, 2021, Canoo held a conference call in relation to 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 be focusing on its engineering services line. Canoo also announced on the same day that effective April 2, 2021, Paul Balciunas, who served as the Chief Financial Officer of Canoo following the close of the Merger, had resigned. On March 30, 2021, Canoo's stock price fell $2.50, or 21.19%, on this news to close at $9.30 per share.

The complaint alleges that, throughout the Class Period, Canoo failed to disclose to investors that: (1) Canoo had decreased its focus on its plans to sell vehicles to consumers in the form of a subscription model; (2) Canoo’s engineering services business would be deemphasized; (3) Canoo did not have partnerships with original equipment manufacturers and no longer engaged in the previously announced partnership with Hyundai, contrary to prior statements, ; and (4) positive statements about Canoo's business, operations, and prospects were materially misleading and/or lacked a reasonable basis, as a result of the foregoing.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 1, 2021.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com

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