SAN
FRANCISCO, Oct. 16, 2023 /PRNewswire/ -- Pomerantz
LLP announces that the United
States District Court for the Northern District of
California-San Francisco Division has approved the following
announcement of a proposed class action settlement that would
benefit purchasers of Northern Genesis Acquisition Corp. II and
Embark Technology, Inc. common stock (NYSE: NGAB and NASDAQ:
EMBK):
SUMMARY NOTICE
OF PROPOSED CLASS ACTION SETTLEMENT
To: All persons (i) who purchased or otherwise acquired Embark
Technologies, Inc. ("Embark" or the "Company") common stock
pursuant or traceable to the July 2,
2021 registration statement, including all amendments
thereto, issued in connection with the November 2021 business combination between
Northern Genesis Acquisition Corp. II ("Northern Genesis") and
Embark Trucks Inc. (the "November
2021 Business Combination") and were damaged; and/or (ii)
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 November 2021 Business
Combination, and were damaged.
A hearing will be held on February 8,
2024 at 9:00 a.m. before the
Honorable Jacqueline Scott Corley via Zoom video to determine:
(1) whether the proposed Settlement for $2.5 million in cash should be approved by the
Court as fair, reasonable, and adequate; (2) whether the proposed
plan to distribute the settlement proceeds is fair and reasonable;
(3) whether the application for an award of attorneys' fees of up
to $835,000 (33.4% of the Settlement)
and reimbursement of expenses of up to $140,000 and a payment of no more than
$2,500 to each of the two Class
Representatives for their reasonable costs and expenses should be
approved; and (4) whether the Action should be dismissed with
prejudice against the Defendants, as set forth in the Amended
Stipulation and Agreement of Settlement (the "Amended Stipulation")
filed with the Court. To join the public hearing, visit the Court's
website at
https://www.cand.uscourts.gov/judges/corley-jacqueline-scott-jsc/ and
follow the instructions.
If you have not received the detailed Notice of Pendency and
Proposed Settlement of Class Action (the "Notice") and Proof of
Claim and Release Form ("Proof of Claim") you may obtain them at
www.strategicclaims.net/embark/ or by contacting the Settlement
Administrator at Embark Securities Litigation, Strategic Claims
Services, P.O. Box 230, 600 N. Jackson
Street, Suite 205, Media,
PA 19063, Tel: (866) 274-4004, Fax (610) 565-7985.
If you 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 November 2021 Business Combination and were
damaged, your rights may be affected by this Settlement. If
you 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 November 2021 Business
Combination, and were damaged, your rights may be affected by
this Settlement. As further described in the Notice, you will
be bound by any Judgment entered in the Action, whether or not you
make a claim, unless you request exclusion from the Settlement
Class, in the manner set forth in the Notice, no later than
December 22, 2023.
If you are a member of the Settlement Class and wish to share in
the Settlement proceeds, you must submit a Proof of Claim
postmarked no later than December 22,
2023 to the Settlement Administrator or online at
www.strategicclaims.net/embark/ by 11:59 p.m. EST on December
22, 2023 establishing that you are entitled to recovery. Any
objections to the Settlement, Plan of Allocation, application for
attorneys' fees and expenses, and/or an award of reasonable costs
and expenses for the two Class Representatives must be made in
writing and provided to the Court, in the manner set forth in the
Notice, no later than December 22,
2023.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE
REGARDING THIS NOTICE. Inquiries, other than requests for the
Notice and Proof of Claim, may be made to Class Counsel at the
address below.
Brenda Szydlo
POMERANTZ LLP
600 Third Avenue, 20th Fl.
New York, NY 10016
Telephone: (212) 661-1100
Dated: September 26, 2023
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
NORTHERN DISTRICT OF CALIFORNIA
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SOURCE Pomerantz LLP