Canoo Investors Score Lead Plaintiff, Counsel in Securities Suit

Canoo Inc. investors who say the company failed to tell them it was switching focus from its engineering services line gained a lead plaintiff and counsel for their securities suit in federal court in California.

Investors accuse the electric vehicle company of touting the engineering line in special purpose acquisition company merger documents, then de-emphasizing the business a few months after the deal was done. Individual investor Vladi Shaulov will take on the lead role in the would-be class case, the U.S. District Court for the Central District of California said in an unpublished order.

Three investors filed separate ...