GlobeNewswire Inc | Mar 31, 2021 07:34PM EDT

March 31, 2021

RADNOR, Pa., March 31, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Canoo Inc. (Canoo) (NASDAQ: GOEV).

Canoo is a manufacturer of electric vehicles. On March 29, 2021, Canoo issued a press release announcing its fourth quarter and full year 2020 financial results, reporting a net loss of $89.9 million for the year. Canoo also announced that its Chief Financial Officer, Paul Balciunas, notified Canoo of his intention to resign.

The same day, The Verge released an article entitled Canoos deal with Hyundai appears dead: The startups also changed its tune on selling EV tech to big companies. The article stated in part that [w]hen pressed on the startups previous claims, the current chairman pointed to its prior leadership and said they were a little more aggressive and that talk of potential partnerships was presumptuous. The article also stated that Canoo quietly uploaded a new investor presentation to its investor relations website on Monday that no longer mentions Hyundai.

Following this news, the price of Canoos common stock fell approximately 21.2%, down from its March 29, 2021 closing price of $11.80 to a March 30, 2021 close of $9.30.

If you are a Canoo investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or please visitthe following linkto fill out our online form http://www.ktmc.com/canoo-inc-investigation?utm_source=PR&utm_medium=link&utm_campaign=canoo.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500info@ktmc.com