Schubert Jonckheer & Kolbe LLP is investigating potential shareholder derivative claims on behalf of shareholders of Canoo Inc. (NASDAQ: GOEV) relating to possible false and misleading statements to investors by officers and directors.
After the market closed on March 29, 2021, and contrary to prior statements by Canoo, the company revealed that it was radically changing its business model by no longer focusing on selling vehicles through a subscription model and de-emphasizing the engineering services line. Despite previous statements, the company also revealed that Canoo 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, the company’s stock price fell nearly 21%.
This conduct has now attracted the attention of regulators, and the SEC has launched an investigation into the company’s merger, IPO, business model, and the departure of its high-level executives. There are also at least three class action lawsuits on file in the U.S. District Court for the Central District of California, where the company is based. The company’s stock price has steadily plummeted in recent weeks, wiping out hundreds of millions of dollars of market value.
The Schubert Firm is investigating potential breaches of fiduciary duty by the company’s officers and directors in connection with these allegations.
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.
Alexandra K. Green
Schubert Jonckheer & Kolbe LLP