Robbins Geller Rudman & Dowd LLP announces
SAN DIEGO, April 10, 2022 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of securities of Embark Technology, Inc. (NASDAQ: EMBK; EMBKW) f/k/a Northern Genesis Acquisition Corp. II (NYSE: NGAB.U, NGAB and NGAB WS) between January 12, 2021 and January 5, 2022, both dates included (the “Class Period”) have until May 31, 2022 to seek appointment as principal applicant in Hardy v Embark Technology, Inc. f/k/a Northern Genesis Acquisition Corp. II, no. 22-cv-02090 (ND Cal.). Since April 1, 2022, the Embark The class action accuses Embark and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as the lead plaintiff of the Embark class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Embark the class action must be filed with the court no later than May 31, 2022.
CASE ALLEGATIONS: Embark develops self-driving software solutions for the trucking industry in the United States. Embark, originally named Northern Genesis Acquisition Corp. II, was a Special Purpose Acquisition Company (“SPAC” or Blank Check Company). On November 10, 2021, Embark merged with Embark Trucks Inc., a Delaware corporation (“Legacy Embark”), pursuant to which Embark changed its name to “Embark Technology, Inc.” (the “Business Combination”).
the Embark The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) Embark performed inadequate due diligence in Legacy Embark; (ii) Legacy Embark and Embark after the Business Combination held no patents and an insignificant number of test trucks; (iii) as a result, Embark had overestimated its operational and technological capabilities; (iv) as a result of all of the foregoing, Embark had overestimated Embark’s business and financial prospects after the Business Combination; and (v) therefore, Embark’s public statements were materially false and misleading at all relevant times.
On January 6, 2022, The Bear Cave released a research report alleging, among other things, “that Embark appears to lack real economic substance” and that its “current valuation appears to be based on puff rather than real substance”, noting that “[t]The company holds no patents, only has a dozen test trucks, and may be more barking than biting. At this news, Embark’s stock price fell more than 16%, hurting investors.
Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to researching and prosecuting fraud on behalf of aggrieved SPAC investors. The rise of blank check funding presents unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, honesty and fairness in this rapidly developing area of investment.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Embark securities during the class action period to seek appointment as a lead plaintiff in the Embark class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action. The lead plaintiff may select a law firm of their choice to litigate the class action. An investor’s ability to share in any potential future class action recoveries does not depend on its status as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recovery on record – $7.2 billion dollars – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.
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JC Sanchez, 800-449-4900