Jul 21, 2021 | Securities Class Action Archive
Social Capital Hedosophia Holdings Corp. III & Hennessy Capital Acquisition Corp. IV – Kehoe Law Firm, P.C. Breach Of Fiduciary Duties Investigations – IPOC, HCAC
Kehoe Law Firm, P.C. is investigating whether certain directors and/or officers of the following Special Purpose Acquisition Companies (“SPAC”) breached their fiduciary duties to the SPAC or its shareholders:
Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC), now known as Clover Health Investments, Corp. (“Clover Health”) (NASDAQ: CLOV)
The investigation concerns whether Social Capital Hedosophia Holdings Corp. III (“Social Capital Hedosophia III”) board of directors or senior management failed to manage Social Capital Hedosophia III in an acceptable manner, in breach of their fiduciary duties to its shareholders, and whether Social Capital Hedosophia III’s shareholders suffered damages as a result.
On October 5, 2020, Social Capital Hedosophia III executed a merger agreement with the predecessor to Clover Health, with a November 17, 2020 record date for the shareholder vote. On January 7, 2021, Social Capital Hedosophia III closed the merger transaction, with Clover Health continuing as the successor entity. On February 4, 2021, Hindenburg Research issued a report claiming that Clover Health was misleadingly hiding governmental investigations from the public.
Hennessy Capital Acquisition Corp. IV (“Hennessy Capital IV”) (NASDAQ: HCAC), now known as Canoo Inc. (“Canoo”) (NASDAQ: GOEV)
The investigation concerns whether Hennessy Capital IV’s board of directors or senior management failed to manage Hennessy Capital IV in an acceptable manner, in breach of their fiduciary duties to Hennessy Capital IV’s shareholders, and whether Hennessy Capital IV’s shareholders suffered damages as a result.
On August 17, 2020, Hennessy Capital IV executed a merger agreement with the predecessor to Canoo, with an October 27, 2020 record date for the shareholder vote. On December 21, 2020, the merger transaction closed, with Canoo continuing as the successor entity. On May 17, 2021, Canoo said it is being investigated by the SEC, possibly related to the SEC’s interest in determining how warrants are treated.
IF YOU WERE EITHER A SHAREHOLDER OF SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. III OR HENNESSY CAPITAL ACQUISITION CORP. IV AND WISH TO DISCUSS KEHOE LAW FIRM’S INVESTIGATIONS OR HAVE QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATIONS OR POTENTIAL LEGAL CLAIMS.
Jul 20, 2021 | Securities Class Action Archive
Kehoe Law Firm, P.C. Merger Investigation On Behalf Of Former Investors Of Acamar Partners Acquisition Corp.
Kehoe Law Firm, P.C. is investigating whether certain directors and/or officers of Acamar Partners Acquisition Corp. (“Acamar Partners”) (NASDAQ: ACAM), now known as CarLotz, Inc. (“CarLotz”) (NASDAQ: LOTZ), breached their fiduciary duties to Acamar Partners and its shareholders.
The investigation concerns whether the board of directors and/or senior management of Acamar Partners failed to manage Acamar Partners in an acceptable manner, in breach of their fiduciary duties to Acamar Partners shareholders, and whether, as a result, the shareholders of Acamar Partners suffered damages.
On October 21, 2020, Acamar Partners executed a merger agreement with the predecessor to CarLotz, with a December 21, 2020 record date for the shareholder vote. On January 21, 2021, the merger transaction closed, with CarLotz continuing as the successor entity. On May 10, 2021, CarLotz reported the Company’s financial results for the first quarter of 2021. CarLotz reported a per-share loss of $0.15, missing the consensus earnings estimate of $0.01. Following this news, CarLotz’s stock price dropped, closing down 14.44% on May 11, 2021.
Subsequently, on May 26, 2021, CarLotz revealed that the Company’s profit-sharing corporate vehicle sourcing partner had paused consignments. The sourcing partner accounted for more than 60% of the cars sold and sourced in the Company’s first quarter. Following this news, CarLotz’s stock price fell, closing down over 13% on May 26, 2021.
IF YOU WERE AN ACAMAR PARTNERS SHAREHOLDER AND WISH TO DISCUSS KEHOE LAW FIRM’S INVESTIGATION OR HAVE QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Jul 20, 2021 | Securities Class Action Archive
Kehoe Law Firm, P.C. Merger Investigation On Behalf Of Former DiamondPeak Holdings Stockholders
Kehoe Law Firm, P.C. is investigating whether certain officers and/or directors of DiamondPeak Holdings Corp. (“DiamondPeak” or the “Company”) (NASDAQ: DPHCU) received greater benefits than DiamondPeak investors as a result of the Company’s merger with Lordstown Motors Corp. (“Lordstown”) (NASDAQ: RIDE) on October 23, 2020.
The investigation concerns whether DiamondPeak’s board of directors or senior management failed to manage DiamondPeak in an acceptable manner, in breach of their fiduciary duties to DiamondPeak’s shareholders, and whether DiamondPeak’s shareholders suffered damages as a result.
On August 1, 2020, DiamondPeak executed a merger agreement with the predecessor to Lordstown, with a September 21, 2020 record date for the shareholder vote. On October 23, 2020, DiamondPeak closed the merger transaction, with Lordstown continuing as the successor entity. On March 12, 2021, Hindenburg Research issued a report claiming that Lordstown had misleadingly overstated the number of pre-orders it had received for its electric vehicles. On March 17, 2021, Lordstown reported it received an inquiry on its operations from the United States Securities and Exchange Commission.
IF YOU HELD DIAMONDPEAK STOCK AND WISH TO DISCUSS KEHOE LAW FIRM’S INVESTIGATION OR HAVE QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Jun 30, 2021 | Securities Class Action Archive
Securities Class Action Investigation – Rekor Investors With Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Rekor Systems, Inc., f/k/a Novume Solutions, Inc. (“Rekor” or the “Company”) (NASDAQ: REKR) to determine whether Rekor engaged in securities fraud or other unlawful business practices.
A class action lawsuit has been filed in United States District Court for the District of Maryland on behalf of investors who purchased, or otherwise acquired, the securities of Rekor between April 12, 2019 and May 25, 2021, both dates inclusive (the “Class Period”).
According to the lawsuit, throughout the Class Period, the Rekor Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies.
According to the complaint, the Rekor Defendants made false and/or misleading statements and/or failed to disclose that (i) Rekor’s ALPR technology and UVED-related business is outclassed by global competitors with an established, dominant market share; (ii) it was unlikely that states would pass legislation authorizing deals similar to Rekor’s Oklahoma UVED partnership because of, inter alia, state and local privacy laws and related public concerns; (iii) Rekor’s UVED partnership was not as profitable as the Rekor Defendants had led investors to believe because of known impediments to enrollment rates and costs associated with the partnership; (iv) accordingly, Rekor had overstated its potential revenues, profitability, and overall ALPR- and UVED-related business prospects; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, REKOR SECURITIES DURING THE CLASS PERIOD AND SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT MICHAEL YARNOFF, ESQ., [email protected], (215) 792-6676, Ext. 804, [email protected], TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Jun 28, 2021 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Athira Pharma, Inc. (“Athira” or the “Company”) (NASDAQ: ATHA) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Class action lawsuits have been filed in United States District Court on behalf of purchasers of the securities of Athira (a) pursuant and/or traceable to the Company’s initial public offering (“IPO”) conducted in September 2020; and/or (b) between September 18, 2020 and June 17, 2021, both dates inclusive (the “Class Period”).
According to the lawsuits, the IPO documents contained and defendants made false and/or misleading statements and/or failed to disclose that (1) the research conducted by the Company’s Chief Executive Officer and President, Leen Kawas (“Kawas”), was tainted by Kawas’ scientific misconduct, including the manipulation of key data through the altering of Western blot images; (2) this purported research was foundational to Athira’s efforts to develop treatments for Alzheimer’s because it laid the biological groundwork that Athira was using in its approach to treating Alzheimer’s; (3) as a result, Athira’s intellectual property and product development for the treatment of Alzheimer’s was based on invalid research; and (4) as a result of the foregoing, the Athira defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, ATHIRA SECURITIES PURSUANT AND/OR TRACEABLE TO ATHIRA’S IPO AND/OR DURING THE CLASS PERIOD AND SUFFERED LOSSES GREATER THAN $100,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT MICHAEL YARNOFF, ESQ., [email protected], [email protected], [email protected], TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
