Canoo Holdings Ltd. ( Canoo Holdings ) was an electric vehicle ( EV ) company that touted a unique business model that defies traditional ownership to put customers first. On or about December 21, 2020, Canoo Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo (the Merger ).
The Class Period commences on August 18, 2020, when Hennessy Capital and Canoo Holdings issued a joint press release announcing the Merger. In its press release, Canoo Holdings touted its engineering services line and the Hyundai partnership for the co-development of a future EV platform.
On March 29, 2021, after the market closed, Canoo held a conference call in connection with its fourth quarter 2020 financial results which were released the same day. During the call, defendant, Tony Aquila, a director of Canoo since the closing of the Merger, revealed that Canoo would no longer focus on its engineering services line. The same day, Canoo also announced th
CS CLASS ACTION ALERT: Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Credit Suisse Group AG
May 03, 2021 2:03 PM ET Legal Newswire POWERED BY LAW.COM
The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Credit Suisse Group AG on behalf of those who purchased or acquired Credit Suisse American Depositary Receipts ( ADRs )
between October 29, 2020 and March 31, 2021, inclusive (the Class Period ).
Credit Suisse is a global financial services company based in Zurich, Switzerland. Greensill Capital ( Greensill ), who for filed for insolvency protection on March 8, 2021, was a financial services company based in the United Kingdom and Australia focused on the provision of supply-chain financing and related services. Archegos Capital Management ( Archegos ) is a fami
Adrienne Bell, Esq. (484) 270-1435
Toll free (844) 887-9500
Ebang is a leading application-specific integrated circuit chip design company and a leading manufacturer of Bitcoin mining machines.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) the proceeds from Ebang’s public offerings had been directed to low yield, long term bonds to an underwriter and to related parties rather than used to develop Ebang’s operations; (2) Ebang’s sales were declining, and Ebang had inflated reported sales, including through the sale of defective units; (3) Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) Ebang’s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) as a result of the foregoing, the defendants’ positive statements about Ebang’s business, operations, and prospects were ma
Epic s expert witness says App Store profit margins approach 80 percent
Apple contends that App Store margins cannot be accurately calculated because of its reliance on other iOS services on May 3, 2021, 13:08
In context: Testimony begins today in Epic s lawsuit against Apple. It will be a bench trial in front of Judge Yvonne Gonzalez Rogers of the United States District Court for the Northern District of California. Thanks to the high-profile nature of the case, we ve already read testimony from several witnesses.
Last week, both sides submitted heavily redacted depositions from expert witnesses who testified on the profitability of Apple s App Store. Certified Fraud Examiner and CPA Ned Barnes testified for Epic, claiming the App Store s operating margins in 2018 and 2019 were 79.6 percent for each fiscal year.
THE ANSWER
In October 2020, Blue Cross Blue Shield reached a $2.67 billion settlement in class-action antitrust lawsuit. A judge has not given final approval to the settlement.
WHAT WE FOUND
This settlement stemmed from an Alabama class-action antitrust lawsuit titled In re: Blue Cross Blue Shield Antitrust Litigation MDL 2406.
Blue Cross reached the settlement on Oct. 16, 2020 with the Blue Cross Blue Shield Association (“BCBSA”) and Settling Individual Blue Plans.
In the class-action suit, plaintiffs alleged that Blue Cross “violated antitrust laws by entering into an agreement not to compete with each other and to limit competition among themselves in selling health insurance and administrative services for health insurance.” The plaintiffs argued that Blue Cross was able to charge higher rates for plans through the practice of limiting competition.