According to the lawsuits, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model;
- Canoo’s engineering services was not a viable business, would not provide meaningful revenue in 2021, and would not reduce operational risk;
- Canoo would deemphasize its engineering services business;
- 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
- As a result of the foregoing, defendants’ positive statements about Canoo’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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