An investigation for investors in Embark Technology, Inc. (NASDAQ: EMBK) shares over potential securities laws violations by Embark Technology, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 01/21/2022 -- An investigation was announced concerning potential securities laws violations by Embark Technology, Inc.
Investors who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Embark Technology, Inc. (NASDAQ: EMBK) concerning whether a series of statements by Embark Technology, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
San Francisco, CA based Embark Technology, Inc. develops self-driving software solutions for the trucking industry in the United States.
On January 1, 2022, The Bear Cave released report entitled "Problems at Embark Technology, stating, "Embark's current valuation appears to be based on puffery rather than actual substance. The company holds no patents, has only a dozen or so test trucks, and may be more bark than bite." Further, The Bear Cave reported that "[m]ore troubling is that Embark appears to lack true economic substance." Following this news, Embark's stock price plummeted 16%.
Shares of Embark Technology, Inc. (NASDAQ: EMBK) declined from $10.49 per share on December 9, 2021, to as low as $5.08 per share on January 12, 2021.
Those who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK) have certain options and should contact the Shareholders Foundation.
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