<span class="article-published" itemprop="datePublished"> <time datetime="2022-04-18T01:00:00Z">April 17, 2022 21:00 ET</time> </span> <span class="article-source" itemprop="sourceOrganization" itemscope itemtype="http://schema.org/Organization"> | Source: <span> <a href="/en/search/organization/Bragar%2520Eagel%2520&%2520Squire" itemprop="name">Bragar Eagel & Squire</a> </span> <meta itemprop="logo" url="https://ml.globenewswire.com/Resource/Download/29481954-f2ff-4756-b5a9-d982a6497bd0?size=2" alt="Company Name Logo" /> <span id="pnr-global-follow-button"></span> </span> <span itemprop="author copyrightHolder" style="display: none;">Bragar Eagel & Squire</span> <br> New York, New York, UNITED STATES <br>NEW YORK, April 17, 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 Volta, Inc. (NYSE: VLTA), Embark Technology, Inc. (NASDAQ: EMBK), Lucid Group, Inc. (NASDAQ: LCID), and Stronghold Digital Mining, Inc. (NASDAQ: SDIG). 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.<br /><br><strong>Volta, Inc. (NYSE: VLTA)</strong><br>Class Period: August 2, 2021 – March 28, 2022<br>Lead Plaintiff Deadline: May 31, 2022<br>On August 26, 2021, Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination pursuant to which the combined entity was named Volta Inc. (the “Business Combination”).<br>On March 2, 2022, after the market closed, Volta revealed that the financial impact of the restatement of its third quarter 2021 financial results was greater than previously disclosed, expecting to report a net loss of $69.7 million for the quarter. On this news, the Company’s share price fell $0.11, or 2.6%, to close at $4.01 per share on March 3, 2022, on unusually heavy trading volume.<br>Then, on March 21, 2022, Volta announced that it would reschedule its fourth quarter and full year 2021 financial results. On this news, the Company’s share price fell $0.38, or 8.4% to close at $4.12 per share on March 21, 2022, on unusually heavy trading volume.<br>Then, on March 28, 2022, Volta announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and President, respectively, and from the Board of Directors of the Company. On this news, the Company’s share price fell $0.76, or 18%, to close at $3.37 per share on March 28, 2022, on unusually heavy trading volume.<br>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 failed to disclose to investors: (1) that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination; (2) that, as a result, the Company had understated its net loss for third quarter 2021; (3) that there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) that, as a result of the foregoing, the Company would restate its financial statements; (5) that, as a result of the foregoing, Legacy Volta’s founders would imminently exit the Company; (6) that, as a result, the Company’s financial results would be adversely impacted; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.<br>For more information on the Volta class action go to: <a href="https://www.globenewswire.com/Tracker?data=4ghd_0fIbPThCrI0kRcwcsWpTse6Hh0W5aKXoQU7lsWf_lXBt8nlH0dg0Oc2r3MsWRrHGv_GaTPF4Z1-bPjmAeOSxtKQNRJYIq6iFdYTbzg=" rel="nofollow noopener" target="_blank" title="">https://bespc.com/cases/VLTA</a><br><strong>Embark Technology, Inc. (NASDAQ: EMBK)</strong><br>Class Period: January 12, 2021 – January 5, 2022<br>Lead Plaintiff Deadline: May 31, 2022<br>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.<br>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”).<br>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.<br>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.”<br>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.<br>For more information on the Embark class action go to: <a href="https://www.globenewswire.com/Tracker?data=4ghd_0fIbPThCrI0kRcwcsWpTse6Hh0W5aKXoQU7lsUEZk8m_8dLXlVvh3-YcC80-suoRaZ8m0VZMR6QC1ClXxiGq-KfVrUS-Bnyc654pns=" rel="nofollow noopener" target="_blank" title="">https://bespc.com/cases/EMBK</a><br><strong>Lucid Group, Inc. (NASDAQ: LCID)</strong><br>Class Period: November 15, 2021 – February 28, 2022<br>Lead Plaintiff Deadline: May 31, 2022<br>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.<br>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.<br>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.<br>For more information on the Lucid class action go to: <a href="https://www.globenewswire.com/Tracker?data=4ghd_0fIbPThCrI0kRcwcsWpTse6Hh0W5aKXoQU7lsXTjpd1UJvzbZ7x6gFKbO-yui3Z2z_EUVFzYh6LQbnnT8qO3gOifFTGR3f2p_28zeA=" rel="nofollow noopener" target="_blank" title="">https://bespc.com/cases/LCID</a><br><strong>Stronghold Digital Mining, Inc. (NASDAQ: SDIG)</strong><br>Class Period: October 22, 2021 IPO<br>Lead Plaintiff Deadline: June 13, 2022<br>In October 2021, the Company completed its IPO, selling 7,690,400 shares of Class A common stock at $19.00 per share.<br>On March 29, 2022, after the market closed, Stronghold announced its fourth quarter and full year 2021 financial results. The Company reported a net loss of $0.52 for the quarter, below analyst estimates of $0.04 earnings per share, and Stronghold’s Chief Executive Officer cited “significant headwinds in our operations which have materially impacted recent financial performance.”<br>On this news, the Company’s stock price fell as much as $3.28, or 32%, to close at $6.97 per share on March 30, 2022. As of April 14, 2022, Stronghold stock has traded as low as $4.78 per share, a more than 75% decline from the $19 per share IPO price.<br>The complaint filed in this class action alleges that the Registration Statement was materially false and misleading and omitted to state: (1) that contracted suppliers, including MinerVa, were reasonably likely to miss anticipated delivery quantities and deadlines; (2) that, due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold would experience difficulties obtaining miners outside of confirmed purchase orders; (3) that, as a result of the foregoing, there was a significant risk that Stronghold could not expand its mining capacity as expected; (4) that, as a result, Stronghold would likely experience significant losses; and (5) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.<br>For more information on the Stronghold class action go to: <a href="https://www.globenewswire.com/Tracker?data=4ghd_0fIbPThCrI0kRcwcsWpTse6Hh0W5aKXoQU7lsUlgVRseM-3IqFePgyqtVKRLBXuJJIOK-wVGFHFoVo6i4AdAaddO01LCoXV0Ht3-O8=" rel="nofollow noopener" target="_blank" title="">https://bespc.com/cases/SDIG</a><br><strong>About Bragar Eagel & Squire, P.C.:</strong><br>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 <a href="https://www.globenewswire.com/Tracker?data=UrSt0vo7r6fP-4kJGRiWaBESbuPibiAZkgTvlSL1CameADAmsx3GKUWG_sZYLTAZ2HGWU1Gbgu4MtjEYCn7-Hw==" rel="nofollow noopener" target="_blank" title=""><u>www.bespc.com</u></a>. Attorney advertising. Prior results do not guarantee similar outcomes.<br><strong>Contact Information:</strong><br>Bragar Eagel & Squire, P.C.<br />Brandon Walker, Esq. <br />Alexandra B. Raymond, Esq.<br />(212) 355-4648<br /><a href="https://www.globenewswire.com/Tracker?data=llOj3uquxWbrqJmawUbMSqEB0hvGLi4gT9g3DL0_BvbmpnnCJZSWSzOQzhay7JQZ97b_SqyDnWEEAnp1565OfqCw6i9O1FK_XV2RQed_I8I=" rel="nofollow noopener" target="_blank" title="[email protected]">[email protected]</a><br /><a href="https://www.globenewswire.com/Tracker?data=UrSt0vo7r6fP-4kJGRiWaHDFVrsd6NtCCrSjTqQ9O0PH1fSRj30mMp6aPUf4SP1-M_8aL4FEGhAmLqBST-9-1g==" rel="nofollow noopener" target="_blank" title="www.bespc.com">www.bespc.com</a><br><br><br><a href="https://www.globenewswire.com/news-release/2022/04/18/2423466/0/en/Bragar-Eagel-Squire-P-C-Reminds-Investors-That-Class-Action-Lawsuits-Have-Been-Filed-Against-Volta-Embark-Lucid-and-Stronghold-and-Encourages-Investors-to-Contact-the-Firm.html">source</a>
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