NEW YORK, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that it is investigating the officers and directors of Embark Technologies, Inc. (“Embark” or the “Company”) (NASDAQ: EMBK) (NASDAQ: EMBKW) (NASDAQ: NGAB) (NASDAQ: NGAB.U) (NASDAQ: NGAB.WS) for potential breaches of fiduciary duties, waste of corporate assets, and unjust enrichment between January 12, 2021 and January 5, 2022.
A securities class action complaint is pending in the United States District Court for the Northern District of California (the “Securities Class Action”). The Complaint in the Securities Class Action 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.
If you wish to discuss your rights or interests, 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.
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