According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- the Company had performed inadequate due diligence into Embark Trucks Inc. (“Legacy Embark”);
- 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 amount of test trucks;
- accordingly, the Company had overstated its operational and technological capabilities;
- as a result of all the foregoing, the Company had overstated the business and financial prospects of the Company post-Business Combination; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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