Did you lose money on investments in Embark Technology? If so, please visit Embark Technology, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Embark Technology, Inc. f/k/a Northern Genesis Acquisition Corp. II (“Embark” or the “Company”) ( EMBK) between January 12, 2021 and January 5, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934.
Embark develops self-driving software solutions for the trucking industry in the U.S. The Company was originally a special purpose acquisition company (“SPAC”), which is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person.
On November 10, 2021, the Company consummated a merger transaction with Embark Trucks Inc., a Delaware corporation (“Legacy Embark”), whereby, among other things, the Company changed its name from “Northern Genesis Acquisition Corp. II” to “Embark Technology, Inc.” (the “Business Combination”).
Throughout the Class Period, Defendants allegedly made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had performed inadequate due diligence into Legacy Embark; (ii) Legacy Embark and the Company following the Business Combination held no patents and an insignificant amount of test trucks; (iii) accordingly, the Company had overstated its operational and technological capabilities; (iv) as a result of all the foregoing, the Company had overstated the business and financial prospects of the Company post-Business Combination; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On January 6, 2022, The Bear Cave published a short report entitled “Problems at Embark Technology (EMBK, Financial)” (the “Bear Cave Report”). The Bear Cave Report alleged, among other things, “that Embark appears to lack true economic substance”, that its “current evaluation appears to be based on puffery rather than actual substance”, and that “[t]he company holds no patents, has only a dozen or so test trucks, and may be more bark than bite.”
On this news, Embark’s stock price fell over 16.75% to close at $6.81 per share on January 6, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased EMBK securities, and/or would like to discuss your legal rights and options please visit Embark Technology, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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