An investigation on behalf of investors in Embark Technology, Inc. (NASDAQ: EMBK) shares over potential wrongdoing at Embark Technology, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 03/16/2022 -- Certain directors of Embark Technology, Inc. are under investigation over potential breaches of fiduciary duties.
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.
San Francisco, CA based Embark Technology, Inc. develops self-driving software solutions for the trucking industry in the United States.
On January 1, 2022, The Bear Cave released report entitled "Problems at Embark Technology, stating, "Embark's current valuation appears to be based on puffery rather than actual substance. The company holds no patents, has only a dozen or so test trucks, and may be more bark than bite." Further, The Bear Cave reported that "[m]ore troubling is that Embark appears to lack true economic substance." Following this news, Embark's stock price plummeted 16%.
Shares of Embark Technology, Inc. (NASDAQ: EMBK) declined from $10.49 per share on December 9, 2021, to as low as $5.08 per share on January 12, 2021.
Those who purchased shares of Embark Technology, Inc. (NASDAQ: EMBK) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation, Inc
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, 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, investigation, and/or settlements are not filed/reached and/or 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.