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SAN FRANCISCO , March 22, 2022 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential claims on behalf of certain shareholders of Canoo Inc. ("Canoo") (NASDAQ:GOEV), formerly known as Hennessy Capital Acquisition Corp. IV ("HCAC") (NASDAQ:HCAC), relating to possible false and misleading statements to investors.
Canoo was formed pursuant to a merger between HCAC, a special purpose acquisition company (SPAC), and Canoo Holdings Ltd, which took effect on December 21, 2020.
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After the market closed on March 29, 2021, and contrary to prior statements by HCAC and Canoo, Canoo revealed that it was radically changing its business model by no longer focusing on selling vehicles through a subscription model and de-emphasizing its engineering services line. Despite previous statements, Canoo also revealed that it did not have partnerships with original equipment manufacturers and was no longer involved in the previously announced partnership with Hyundai. In response to this news, Canoo's stock price fell nearly 21%. It currently trades at approximately $5.87 per share. This conduct has attracted the attention of regulators, and the SEC has launched an investigation into the merger transaction with HCAC, Canoo's business model, and the departure of Canoo's high-level executives.
The Schubert Firm is investigating potential breaches of fiduciary duty by HCAC's officers and directors in connection with the merger.
If you owned stock of HCAC prior to October 27, 2020 and through December 21, 2020 and wish to obtain additional information about your legal rights, please contact us today or visit our website at https://www.classactionlawyers.com/hennessy.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
Contact
Willem F. Jonckheer
Schubert Jonckheer & Kolbe LLP
wjonckheer@sjk.law
Tel: 415-788-4220
SOURCE Schubert Jonckheer & Kolbe LLP
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.