CANOO INC. NEW YORK, April 4, 2024 /PRNewswire/ -- Moore Law, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Canoo Inc. (NASDAQ: GOEV)
*please contact fletcher@fmoorelaw.com
The investigation concerns recent reports disclosing that Canoo spent double its annual revenue on the CEO's private jet in 2023 and other potential related party transactions.
Canoo recently posted its fourth-quarter and full-year earnings for 2023. The filing reflects a company wastefully spending significant money on private jets.
Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that's double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
Separately, Canoo also paid Aquila Family Ventures $1.7 million in 2023, $1.1 million in 2022 and $500,000 in 2021 for shared services support in its Justin, Texas, corporate office facility, according to regulatory filings.
Year to date, Canoo stock is down 57.66%.
If you own Canoo Inc. (NASDAQ: GOEV) please contact Fletcher Moore by email at fletcher@fmoorelaw.com or (212) 709-8245.
There is no cost to you. We will never send you a bill or ask for payment.
ABOUT MOORE LAW PLLC
Moore Law is a law firm for investors seeking to enforce their rights. We hold officers and directors accountable for breaches of fiduciary duty, inside selling, wasteful spending, and other corporate malfeasance. We strengthen corporate governance reforms giving your investments the protection they deserve.
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Fletcher Moore, Esq.
Moore Law, PLLC
30 Wall Street, 8th Floor
New York, NY 10005
fletcher@fmoorelaw.com
(212) 709-8245
www.fmoorelaw.com
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