Autonomous trucking company Embark Technology and members of its board of directors were slapped with a shareholder derivative lawsuit on Tuesday in California Northern District Court in connection with the company's acquisition last year by Northern Genesis Acquisition for more than $4 billion. The suit, brought by the Rosen Law Firm on behalf of Sergio Tron, contends that Embark was overvalued and accuses the defendants of filing false and misleading proxy statements in support of the transaction. Counsel have not yet appeared for the defendants. The case is 4:22-cv-08634, Tron v. Robertson et al.
AI & Automation
December 13, 2022, 7:13 PM