NEW YORK, April 05, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Embark Technology, Inc. f/k/a Northern Genesis Acquisition Corp. II (NASDAQ: EMBK) (NASDAQ: EMBKW) (NASDAQ: NGAB) (NASDAQ: NGAB.U) (NASDAQ: NGAB.WS) (“Embark” or the “Company”) in the United States District Court for the Northern District of California on behalf of investors who purchased Embark stock between January 12, 2021 and January 5, 2022, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Embark had performed inadequate due diligence into Embark Trucks Inc. (“Legacy Embark”); (2) Legacy Embark and the Company, following the November 2021 merger of Legacy Embark and Northern Genesis Acquisition Corp. II (the “Business Combination”), held no patents and an insignificant number of test trucks; (3) accordingly, Embark had overstated its operational and technological capabilities; (4) as a result of all the foregoing, Embark had overstated the business and financial prospects of the Company post-Business Combination; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Embark should contact the Firm prior to the May 31, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
