Kehoe Law Firm, P.C. is investigating whether Embark Technology, Inc. (“Embark Technology” or the “Company”) (NASDAQ: EMBK) violated federal securities laws.
Embark Technology investors should be aware that according to a report by The Bear Cave, “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.”
On this news, Embark Technology’s stock price dropped significantly and was down more than 17% during intraday trading on January 6, 2022.