GlobeNewswire Inc | Apr 6, 2021 08:30AM EDT

April 06, 2021

PHILADELPHIA, April 06, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Canoo Inc. (NASDAQ: GOEV) (Canoo), formerly known as Hennessy Capital Acquisition Corp. IV (NASDAQ: HCAC) (Hennessy Capital), on behalf of investors who purchased or acquired GOEV or HCAC securities between August 18, 2020 and March 29, 2021 (the Class Period).

On August 18, 2020, Hennessy Capital, a publicly traded Special Purpose Acquisition Company, announced that it had entered into a definitive agreement to merge with Canoo. According to the complaint, in connection with and following the Hennessey Capital Canoo merger, defendants issued a series of false and misleading statements to investors, and failed to disclose that (i) Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (ii) Canoo would deemphasize its engineering services business; (iii) 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 (iv) as a result of the foregoing, the defendants positive statements about Canoos business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 29, 2021, Canoo held an earning conference call with investors to discuss the Companys Fourth Quarter 2020 financial and operational results. During the call, defendant Tony Aquila a director of Canoo since the closing of the Merger revealed that Canoo would no longer focus on its engineering services line. Also on March 29, 2021, Canoo reported that defendant Paul Balciunas, the Companys Chief Financial Officer (CFO), had resigned. Following this news, shares of Canoos stock fell over 21% in value, to close on March 30, 2021 at $9.30 per share, on heavy trading volume.

Canoo investors who purchased or acquired GOEV or HCAC securities prior to October 27, 2020 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 1585, or by email at skaskela@kaskelalaw.com or online at https://kaskelalaw.com/case/canoo-inc/, for additional information about this action and their legal rights and options.

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com

CONTACT:D. Seamus Kaskela, Esq.KASKELA LAW LLC18 Campus Boulevard, Suite 100Newtown Square, PA 19073(484) 258 1585(888) 715 1740www.kaskelalaw.comskaskela@kaskelalaw.com