Embark Technology (EMBK) $2.5M Shareholder Settlement

N.D. California

Court

3:22-cv-02090

Case number

07/02/2021

Class period Start

11/10/2021

Class period End

12/22/2023

Claim deadline

Embark Technology (EMBK) agreed to settle $2.5 million with shareholders to end claims over the merger with Northern Genesis.

Those who:
purchased or otherwise acquired Embark common stock pursuant or traceable to the July 2, 2021 registration statement, including all amendments thereto, issued in connection with the Business Combination between Northern Genesis and the privately held Embark Trucks Inc. completed on or about November 10, 2021, and were damaged; and/or 
beneficially owned and/or held Northern Genesis common stock as of October 6, 2021, the record date, and were eligible to vote at Northern Genesis’ November 9, 2021, special meeting with respect to the Business Combination, and were damaged,
maybe entitled to a payout.

Case Status

Disbursed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Filing date

04/01/2022

Plaintiffs

Tyler Hardy

Attorneys

Pomerantz LLP (New York, NY)

Defendants

Ian Robertson, Ken Manget, Christopher Jarratt, Paul Dalglish, Robert Schaefer, Brad Sparkes, Alex Rodrigues, Richard Hawwa

Judge

Hon. Jacqueline Scott Corley

Administrator

Strategic Claims Services

Settlement agreement date

2023-05-17

Court hearing date

02/08/2024

Exclusion deadline

12/22/2023

Objection deadline

12/22/2023

Hearing deadline

12/22/2023

Trades matching type

FIFO

+$2,500,000

Cash Settlement Amount