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Lawsuit filed for Investors in shares of Stable Road Acquisition Corp. (NASDAQ: SRAC)

07-21-2021 02:46 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Stable Road Acquisition Corp. (NASDAQ: SRAC) shares.

A lawsuit was filed on behalf of investors in Stable Road Acquisition Corp. (NASDAQ: SRAC) shares.

An investor, who purchased shares of Stable Road Acquisition Corp. (NASDAQ: SRAC), filed a lawsuit over alleged violations of Federal Securities Laws by Stable Road, its sponsor SRC-NI Holdings, LLC, and certain of its executives.

Investors who purchased shares of Stable Road Acquisition Corp. (NASDAQ: SRAC) have certain options and for certain investors are short and strict deadlines running. Deadline: September 13, 2021. NASDAQ: SRAC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On January 25, 2021, Momentus announced that Kokorich had resigned as Momentus’s CEO “in an effort to expedite the resolution of U.S. government national security and foreign ownership concerns surrounding the Company.”
On July 13, 2021, the U.S. Securities and Exchange Commission (SEC) made known that it has sued Stable Road Acquisition Corp, a special-purpose acquisition company. The allegation is that Momentus, a Company Stable Road Acquisition Corp was trying to acquire, lied about its technology, including a fake claim that its propulsion system had been "successfully tested" in space. Stable Road Acquisition Corp repeated Momentus's misleading statements in public filings, while according to the SEC, failed to conduct adequate due diligence of Momentus.
Momentus agreed to go public through a merger with Stable Road Acquisition Corp in October for an enterprise value of about $1.2 billion, a price that was later revised lower to $700 million.

Shares of Stable Road Acquisition Corp. (NASDAQ: SRAC) declined from $14.609 per share on July 2, 2021, to as low as $10.24 per share on July 15, 2021.

The plaintiff alleges on behalf of purchasers of Stable Road Acquisition Corp. (NASDAQ: SRAC) common shares between October 7, 2020 and July 13, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants misrepresented and failed to disclose adverse facts about Momentus’s business, operations, and prospects and Stable Road’s due diligence activities in connection with the merger, which were known to defendants or recklessly disregarded by them, as follows: (a) Momentus’s 2019 test of its key technology, a water plasma thruster, had failed to meet Momentus’s own public and internal pre-launch criteria for success, and was conducted on a prototype that was not designed to generate commercially significant amounts of thrust; (b) the U.S. government had conveyed that it considered Momentus’s CEO, defendant Mikhail Kokorich, a national security threat, which jeopardized Kokorich’s continued leadership of Momentus and Momentus’s launch schedule and business prospects; (c) 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 (d) 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 Stable Road executives and its sponsor in connection with the merger.

Those who purchased shares of Stable Road Acquisition Corp. (NASDAQ: SRAC) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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