SAN FRANCISCO, CA / ACCESSWIRE / July 22, 2021 / Hagens Berman urges Stable Road Acquisition Corp. (NASDAQ:SRAC) investors with significant losses to submit your losses now.
Stable Road Acquisition Corp. (SRAC) Securities Fraud Class Action:
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.
"We're focused on investors' losses and proving Stable Road, Momentum and other insiders lied about Momentus' key technology and concealed the national security risks posed by Kokorich," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Stable Road and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Stable Road or Momentus should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SRAC@hbsslaw.com.
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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