Law360 (April 5, 2021, 9:26 PM EDT) — Within the midst of its $2.4 billion merger with blank-check firm Hennessy Capital, electrical automobile maker Canoo waited till after the market closed to inform traders it was altering its enterprise focus, inflicting its inventory to plummet, in line with a proposed class motion filed Friday in California federal court docket.

In December, Los Angeles-based Canoo Holdings Ltd. went public in a merger with Hennessy Capital Acquisition Corp., however did not inform traders it was turning its focus away from the plan to promote autos by means of a subscription mannequin and that it was de-emphasizing its engineering companies enterprise, in line with the grievance filed by…

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