LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming May 31, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Embark Technology, Inc. f/k/a Northern Genesis Acquisition Corp. II (“Embark” or the “Company”) (NASDAQ: EMBK) securities between January 12, 2021 and January 5, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On November 10, 2021, Northern Genesis Acquisition Corp. II, a special purpose acquisition company, combined with Embark Trucks Inc. (“Legacy Embark”) and the combined entity was renamed Embark Technology, Inc. (the “Business Combination”).
On January 6, 2022, The Bear Cave published a report which alleged, among other things, that Embark “appears to lack true economic substance” and that its “current evaluation appears to be based on puffery rather than actual substance.” The report claimed that the 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 fell $1.37, or 16.75%, to close at $6.81 per share on January 6, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had performed inadequate due diligence into Legacy Embark; (2) Legacy Embark and the Company following the Business Combination held no patents and an insignificant amount of test trucks; (3) accordingly, the Company had overstated its operational and technological capabilities; (4) as a result of all the foregoing, the Company had overstated the business and financial prospects of the Company post-Business Combination; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Embark securities during the Class Period, you may move the Court no later than May 31, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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