Embark’s Investors Drop Derivative Suit After It Goes Private

Three investors who sued Embark Technology Inc. executives and directors on behalf of the electric truck company are voluntarily dismissing the suit.

Their filing Monday in the US District Court for the Northern District of California didn’t give a reason for the action. But the struggling company is no longer publicly traded, after it was acquired by Applied Intuition Inc. in August in an all-cash transaction with an equity value of approximately $71 million, according to an announcement on Embark’s website.

• A class action with similar allegations about the company’s route to going public through a November 2021 merger ...