NEW YORK, July 16, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Stable Road Acquisition Corp. («Stable Road» or the «Company») (NASDAQ: SRAC) from October 7, 2020 through July 13, 2021 (the «Class Period»). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Act of 1934.
If you purchased Stable Road securities, and/or would like to discuss your legal rights and options please visit Stable Road Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose adverse facts about Momentus and Stable Road’s due diligence activities in connection with the merger, as follows: (1) Momentus’s 2019 test of a water plasma thruster, its key technology, failed to meet Momentus’s own public and internal pre-launch criteria for success, and was conducted on a prototype that could not generate commercially significant amounts of thrust; (2) the US government had conveyed that it considered Momentus’s CEO, defendant Mikhail Kokorich, a national security threat, which jeopardized his continued leadership of Momentus and Momentus’s launch schedule and business prospects; (3) consequently, the revenue projections and business and operational plans provided to investors regarding Momentus and the commercial viability and timeline of its products were materially false and misleading and lacked a reasonable basis in fact; and (4) Stable Road had failed to conduct appropriate due diligence of Momentus and its business operations and defendants had materially misrepresented the due diligence activities being conducted by the Company executives and its sponsor in connection with the merger.
On January 25, 2021, Momentus announced defendant Kokrich had resigned as CEO to help «expedite the resolution of U.S. government national security and foreign ownership concerns.» On this news, the price of Stable Road stock fell 19% over three trading days to close at $20.10 per share on January 27, 2021.
On July 13, 2021, the U.S. Securities and Exchange Commission («SEC») announced charged against Stable Road, its CEO, defendant Nrian Kabor, Momentus, defendant Kokorich, and others for making «misleading claims about Momentu’s technology and about national security risks associated with Kokorich.» All parties, except defendant Kokorich, settled the charges for $8 million. The SEC also publicized a cease-and-desist order and complaint against defendant Kokorich detailed defendants’ scheme to defraud investors. On this news, the price of Stable Road stock fell another 10% to close at $10.66 on July 14, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than September 13, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Stable Road securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/stableroadacquisitioncorp-srac-shareholder-class-action-lawsuit-fraud-stock-416/apply/ or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP