Northern Genesis Acquisition Corp.

Registration Deadline:

06/10/2024

Submit Your Information

A securities class action has been filed in the USDC — S.D.N.Y. against Northern Genesis Acquisition Corp. (NGA; LEV) (“NGA” or the “Company”), on behalf all public stockholders of Northern Genesis Acquisition Corp. (“NGA”) who held common stock as of the record date (March 18, 2021).

 

The NGA Founders formed NGA as a special purpose acquisition company (“SPAC”). The NGA Founders then took NGA public and subsequently combined it with Legacy Lion Electric, a company that they presented to SPAC holders as a trailblazing manufacturer of electric trucks and school buses. Despite being aware of multiple serious business problems with Legacy Lion Electric – including the Company’s supply chain problems and habit of entering into sale agreements for vehicles that it had not yet even prototyped – the NGA Founders pursued the Merger in the expectation that they would receive a substantial return on their personally-minimal stakes in the business combination.

 

The Complaint alleges, defendants:

(1) used materially deceptive “risk factor” statements to withhold the truth about problems facing Legacy Lion Electric, including supply chain problems with its suppliers and sub-suppliers;

(2) misled NGA’s stockholders about Lion Electric’s prospects using grossly unrealistic financial projections; and

(3) failed to provide NGA stockholders with the “net cash” value of their shares – the key disclosure about the fundamental purchasing power their NGA shares represented, thereby harming investors.

 

If you purchased NGA common stock as of the record date (March 18, 2021) and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

 

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.

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