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Investigation announced for Long-Term Investors who lost money with Embark Technology, Inc. (NASDAQ: EMBK) shares

04-28-2023 04:51 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in Embark Technology, Inc. (NASDAQ: EMBK) shares over potential wrongdoing.

An investigation on behalf of investors in Embark Technology, Inc. (NASDAQ: EMBK) shares over potential wrongdoing.

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Embark Technology, Inc.

Investors who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Embark Technology directors breached their fiduciary duties and caused damage to the company and its shareholders.

On April 01, 2022, a lawsuit was filed by an investors in Embark Technology, Inc. (NASDAQ: EMBK) in the U.S. District Court for the Northern District of California 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) in connection with certain allegedly false and misleading statements made between January 12, 2021 and January 5, 2022.

The plaintiff claimed 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.

On August 25, 2022, an amended complaint was filed and on October 24, 2022, the defendants filed their motion to dismiss the amended complaint.

Those who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.

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