EV Startup Canoo, DD Global Settle Short-Swing Profit Suit

DD Global Holdings Ltd. and Canoo Inc. reached a deal to end the electric vehicle startup’s suit seeking the more than $61 million that DD Global allegedly profited in unlawful share deals, a federal judge said.

Canoo said in its complaint that DD Global—which was one of the EV company’s largest shareholders—must give up the more than $61 million it allegedly made when DD Global sold more than 35 million Canoo shares below trading price in November 2021, then acquired an interest in 10.5 million shares in March 2022. Canoo alleged the company violated Section 16(b) of the Securities Exchange ...