GOEV - Why EV Start-up Canoo's Shares Popped Today
Investors in Canoo (NASDAQ: GOEV) have had a rough year in 2022 with the stock plunging by 85%. But shares in the electric vehicle (EV) maker jumped today, and there are two likely reasons. After popping 8.4% early Thursday, Canoo stock was holding on to a gain of 6.5% as of 12:30 p.m. ET.
One bit of news that might have investors more positive on the stock is a new report from EV sector site Electrek . The report summarizes a lawsuit filed by Canoo last week against former employees it says stole Canoo's intellectual property to start a rival EV company.
Harbinger Motors is run by several executives formerly with Canoo, including Phillip Weicker, the chief technology officer and co-founder for Harbinger. Weicker was also a co-founder of Canoo. Like Canoo, Harbinger plans to make commercial EVs used for service and delivery. Canoo is also accusing Harbinger of recruiting a large number of its employees. In a statement published on Electrek, Harbinger called the suit "meritless" and vowed to defend itself "vigorously."
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Why EV Start-up Canoo's Shares Popped Today