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Case Status:    SETTLED
On or around 03/29/2024 (Date of order of final judgment)

Filing Date: April 01, 2022

According to the Complaint, Embark Technology, Inc. develops self-driving software solutions for the trucking industry in the U.S. The Company was originally a SPAC, also called a blank-check company, which is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person.

On November 10, 2021, the Company consummated a merger transaction with Embark Trucks Inc., a Delaware corporation (“Legacy Embark”), whereby, among other things, the Company changed its name from “Northern Genesis Acquisition Corp. II” to “Embark Technology, Inc.” (the “Business Combination”).

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had performed inadequate due diligence into Legacy Embark; (ii) Legacy Embark and the Company following the Business Combination held no patents and an insignificant amount of test trucks; (iii) accordingly, the Company had overstated its operational and technological capabilities; (iv) as a result of all the foregoing, the Company had overstated the business and financial prospects of the Company post-Business Combination; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 7, 2022, the Court issued an Order, via Docket Entry, appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 25.

On May 17, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 26. On March 29, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

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