NEW YORK, April 06, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Embark Technology, Inc. (NASDAQ: EMBK), Homology Medicines, Inc. (NASDAQ: FIXX) and Lucid Group, Inc. (NASDAQ: LCID). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Embark Technology, Inc. (NASDAQ: EMBK)
Class Period: January 12, 2021 – January 5, 2022
Lead Plaintiff Deadline: May 31, 2022
Embark develops self-driving software solutions for the trucking industry in the U.S. The Company was originally a special purpose acquisition company, also called a blank-check company, which is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person.
On November 10, 2021, the Company consummated a merger transaction with Embark Trucks Inc., a Delaware corporation (“Legacy Embark”), whereby, among other things, the Company changed its name from “Northern Genesis Acquisition Corp. II” to “Embark Technology, Inc.” (the “Business Combination”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had performed inadequate due diligence into Legacy Embark; (ii) Legacy Embark and the Company following the Business Combination held no patents and an insignificant amount of test trucks; (iii) accordingly, the Company had overstated its operational and technological capabilities; (iv) as a result of all the foregoing, the Company had overstated the business and financial prospects of the Company post-Business Combination; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On January 6, 2022, The Bear Cave published a short report entitled “Problems at Embark Technology (EMBK)” (the “Bear Cave Report”). The Bear Cave Report alleged, among other issues, “that Embark appears to lack true economic substance” and that its “current evaluation appears to be based on puffery rather than actual substance”, noting that “[t]he company holds no patents, has only a dozen or so test trucks, and may be more bark than bite.”
On this news, Embark’s stock price fell $1.37 per share, or 16.75%, to close at $6.81 per share on January 6, 2022.
For more information on the Embark class action go to: https://bespc.com/cases/EMBK
Homology Medicines, Inc. (NASDAQ: FIXX)
Class Period: June 10, 2019 – February 18, 2022
Lead Plaintiff Deadline: May 24, 2022
Homology, a genetic medicines company, focuses on transforming the lives of patients suffering from rare genetic diseases. The Company's lead product candidate is HMI-102, which is in Phase I/II pheNIX clinical trial, a gene therapy for the treatment of phenylketonuria (PKU) in adults (the "HMI-102 Trial"). On June 10, 2019, Homology issued a press release announcing that it had commenced enrollment of the HMI-102 Trial.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated HMI-102's efficacy and risk mitigation; (ii) accordingly, it was unlikely that the Company would be able to commercialize HMI-102 in its present form; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On July 21, 2020, Mariner Research ("Mariner") published a report questioning statements by Homology and its officers about the efficacy of HMI-102, the Company's lead product candidate for treatment of phenylketonuria. Mariner focused on Homology's HMI-102 dose escalation pheNIX trial, concluding that the Company concealed data showing HMI-102's lack of efficacy and indicating that the program was unlikely to proceed to commercialization. Among other evidence, Mariner cited an email from Homology's Chief Communications Officer appearing to indicate the Company's awareness that a HMI-102 high dose patient had adverted to the adverse efficacy issue in a social media post during April 2020.
On this news, Homology's stock price fell $1.71 per share, or 10.38%, over the following three trading days, closing at $14.77 per share on July 24, 2020.
Then, on February 18, 2022, Homology issued a press release disclosing that "the U.S. Food and Drug Administration has notified the company that its pheNIX gene therapy trial of HMI-102 in adults with phenylketonuria has been placed on clinical hold due to the need to modify risk mitigation measures in the study in response to observations of elevated liver function tests" and that "[t]he Company expects to receive an official clinical hold letter within 30 days."
On this news, Homology's stock price fell $1.26 per share, or 32.64%, to close at $2.60 per share on February 22, 2022.
For more information on the Homology class action go to: https://bespc.com/cases/FIXX
Lucid Group, Inc. (NASDAQ: LCID)
Class Period: November 15, 2021 – February 28, 2022
Lead Plaintiff Deadline: May 31, 2022
On February 28, 2022, Lucid disclosed that it had only delivered approximately 125 EVs in 2021 – 452 less than expected – and would only produce between 12,000 and 14,000 EVs in 2022, despite previous claims that it would produce 20,000. The Company also announced that it would delay the launch of its Lucid Gravity SUV from 2023 to 2024, citing “the extraordinary supply chain and logistics challenges” as the cause.
On this news, Lucid’s common stock fell $3.99, or 13.8%, to close at $24.99 per share on March 1, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering the Company’s operations from the start of the Class Period.
For more information on the Lucid class action go to: https://bespc.com/cases/LCID
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
