Embark Technology, Inc. (EMBK) Criticized as Being “More Bark than Bite”
Robbins LLP is investigating Embark Technology, Inc. (NASDAQ: EMBK) to determine whether certain Embark officers and directors violated securities laws and breached fiduciary duties to shareholders. Embark describes itself as “an autonomous vehicle company building the software powering autonomous trucks.”
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%.
Embark Technlogy, Inc. (EMBK) shareholders have legal options. If you own shares of Embark Technology, Inc., contact us for more information about your rights.
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