Boston, Massachusetts--(Newsfile Corp. - July 21, 2021) - Block & Leviton LLP announces that a class action lawsuit has been filed against Stable Road Acquisition Corp. (NASDAQ: SRAC) and certain of its officers for securities fraud. Investors who purchased Stable Road shares between October 7, 2020 and July 13, 2021 and lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600 or (888) 868-2385, via email at firstname.lastname@example.org, or to visit www.blockleviton.com/cases/srac for more information on the case.
What is this all about?
The Complaint alleges that Defendants misrepresented and concealed material facts about Stable Road's acquisition target, Momentus, a company that purports to operate in the commercial space industry.
Specifically, the Complaint alleges that in connection with the SPAC merger, Defendants falsely represented that Momentus "successfully tested" its key technology in space when, in fact, the tests were not successful. The Complaint also alleges that Defendants concealed that Momentus' CEO Mikhail Kokorich presented a national security risk. Moreover, the Complaint alleges that Defendants misrepresented and concealed the shoddy due diligence Stable Road conducted on Momentus.
The truth began to emerge on Jan. 25, 2021, when Momentus announced the abrupt resignation of Kokorich as CEO.
Then, on July 13, 2021, the SEC announced charges against Stable Road, Momentus, Kokorich and others for making "misleading claims about Momentus' technology and about national security risks associated with Kokorich." The release stated that all parties other than Kokorich had settled the charges against them for $8 million in total, while the case against Kokorich continued. The same day, SEC also publicized a cease-and-desist order and complaint against Kokorich, which detailed Defendants' scheme to defraud investors in connection with the Momentus SPAC merger.
These disclosures caused the price of Stable Road securities to decline sharply, injuring investors.
The deadline to seek appointment as lead plaintiff is September 13, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Why should you contact Block & Leviton?
Many law firms may issue releases about this matter; many of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 / (888) 868-2385, or email email@example.com with any questions.
This notice may constitute attorney advertising.
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