
Amicus Therapeutics, Inc. (FOLD)
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Investigation
04/02/2021
Initial Lawsuit
04/02/2021
Lawsuit Progression
02/18/2022
Investigation regarding Canoo’s statements about its subscription-based model and engineering services.
03/29/2021
Canoo reports on its Q4 and fiscal year 2020 financial results, showing major changes to its business model description, including the removal of previous references to a subscription-based model:
“About Canoo
Canoo has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design and pioneering technologies. . . .”
During the conference call, Canoo’s CEO Aquila explained that “it was decided by [the] Board to de-emphasize the originally stated contract engineering services line.” He also explained that CFO Balciunas was being replaced.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$9.3 | $11.8 | $-2.5 | -21.19% |
This is a federal class action brought individually and on behalf of all other persons and entities who purchased or otherwise acquired publicly-traded Canoo common stock and/or warrants from August 18, 2020, through and including March 29, 2021.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) the Company’s engineering services was not a viable business, would not provide meaningful revenue in 2021, and would not reduce operational risk;
(ii) that the Company would no longer be focused on its subscription-based business model;
(iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
02/18/2022
The court issued an order appointing the lead plaintiff and lead counsel.
04/08/2022
This is a federal class action brought individually and on behalf of all other persons and entities who purchased or otherwise acquired publicly traded Canoo, Inc. common stock and/or warrants from August 18, 2020, through and including March 29, 2021.
Operative complaint
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