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The Blubber

EMBKW Stock Plunged: Here's What Happened
12/21/2022

The Situation

Embark Technology (NASDAQ: EMBKW) shares – a truck manufacturing company designing and manufacturing autonomous semi-trucks – plunged on Wednesday after a nationally recognized shareholder rights law firm is investigating claims against the company after a class action complaint was filed. As of 12:00 PM ET, Embark shares dropped by 43.72%.

The Explanation

Embark Technology went public on November 2021 and has fallen 98.96% overall to a price of just $0.13 as of press time. The stock fell by 99.37% year-to-date, dropping from $2.05 to its current price.

The company is being investigated by Brager Eagel & Squire, PC., on behalf of long-term stockholders after Embark received a class action complaint on Dec 13, 2022 regarding whether the fiduciary duties of the board of directors were breached.

See the $EMBKW chart performance here.

The Effect

Embark shares reportedly dropped as news of the investigation broke out. The investors' reaction happened as Brager Eagel & Squire, PC., decided to step in on behalf of the long-term shareholders. Since investors can't know for sure the outcome of the class action complaint, it is more important to focus on other aspects of Embark's business.

See full $EMBKW flow at: https://unusualwhales.com/stock/EMBKW/flow-overview

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