A lawsuit was filed on behalf of investors in Embark Technology, Inc. (NASDAQ:EMBK) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/20/2022 -- An investor, who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK), filed a lawsuit over alleged violations of Federal Securities Laws by Embark Technology, Inc. f/k/a Northern Genesis Acquisition Corp. II. (NASDAQ: EMBK; EMBKW) (NYSE: NGAB.U; NGAB; NGAB WS).
Investors who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK; EMBKW) (NYSE: NGAB.U; NGAB; NGAB WS) have certain options and for certain investors are short and strict deadlines running. Deadline: June 3, 2022. NASDAQ: EMBK investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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.
The plaintiff claims that between January 12, 2021 and January 5, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that the Company had performed inadequate due diligence into Legacy Embark, that Legacy Embark and the Company following the Business Combination held no patents and an insignificant amount of test trucks, that accordingly, the Company had overstated its operational and technological capabilities, that as a result of all the foregoing, the Company had overstated the business and financial prospects of the Company post-Business Combination, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.