Former Directors and Officers of Hennessy Capital Acquisition Corp. IV, now known as Canoo Inc., Under Investigation for False and Misleading Statements

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”)  (formerly 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.

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 own stock in HCAC prior to October 27, 2020 and through December 21, 2020 and wish to obtain additional information about your legal rights—please complete the form below for a free legal consultation.