Robbins Geller Rudman & Dowd LLP Announces Investors
SAN DIEGO, August 28, 2021 (GLOBE NEWSWIRE) – Robbins Geller Rudman & Dowd LLP filed a class action lawsuit to represent the buyers of Stable Road Acquisition Corp. (NASDAQ: SRAC; SRACW; SRACU) – now as Momentus Inc. (NASDAQ: MNTS) – securities during the period between October 7, 2020 and July 13, 2021 (the “Class Period”). The Stable road / Momentus The class action lawsuit accuses Stable Road, its sponsor SRC-NI Holdings, LLC, and some of its officers, as well as Momentus and its former CEO, of violations of the Securities Exchange Act of 1934. Stable road / Momentus class action (Jensen v. Stable Road Acquisition Corp., No. 21-cv-05744) was filed in the Central District of California and is attributed to Judge John F. Walter. Two similar pursuits – Hall c. Stable Road Acquisition Corp., n ° 21-cv-05943, and DePoy v. Stable Road Acquisition Corp., No. 21-cv-06287 – are also pending in the Central District of California.
If you have suffered substantial losses and wish to be the primary claimant of the Stable road / Momentum class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected]. The principal applicant’s requests for the Stable road / Momentus The class action must be filed with the court no later than September 13, 2021.
The claimant is represented by Robbins Geller, who has extensive experience in the prosecution of collective actions of investors, including actions involving financial fraud. You can view a copy of the complaint by clicking here.
CASE ALLEGATIONS: Stable Road was started as a blank check company, also known as a Special Purpose Acquisition Company or “SPAC”. On October 7, 2020, Stable Road and Momentus – a private commercial space company – issued a joint press release announcing that Stable Road had agreed to acquire Momentus as part of a proposed merger, subject to the approval of the shareholders. The press release said the merger “would create the first publicly traded space infrastructure company at the forefront of the new space economy.”
The Stable road / Momentus The Class Action Alleges that, throughout the Class Period, the Defendants made false representations and failed to disclose adverse facts regarding Momentus’ business, operations and prospects and Stable Road’s due diligence activities in connection with the merger, which were known to the defendants or recklessly ignored by them, as follows: (a) Momentus’ 2019 test of its key technology, a water plasma thruster, failed to respond to its own Momentus’ public and internal success criteria prior to launch, and was conducted on a prototype that was not designed to generate commercially significant amounts of thrust; (b) the US government had indicated that it viewed Momentus CEO, the accused Mikhail Kokorich, as a threat to national security, which undermined Kokorich’s continued leadership on Momentus’ launch schedule and business outlook ; (c) therefore, the income projections and the business and operational plans provided to investors regarding Momentus and the commercial viability and timing of its products were materially false and misleading and lacked a reasonable factual basis; and (d) Stable Road failed to perform proper due diligence on Momentus and its business operations and the defendants significantly misrepresented the due diligence activities carried out by the officers of Stable Road and its sponsor in connection with the merger.
On January 25, 2021, Momentus announced that the accused Kokorich had resigned as CEO of Momentus “in an effort to expedite the resolution of the US government’s national security and foreign property issues relating to the company.” On this news, the Stable Road Class A share price fell 19% over three trading days, to close at $ 20.10 per share on January 27, 2021.
Then, on July 13, 2021, the United States Securities and Exchange Commission (“SEC”) announced charges against Stable Road, its CEO, defendant Brian Kabot, SRC-NI Holdings, Momentus and defendant Kokorich for making “Misleading claims about Momentus’ technology. and the national security risks associated with Kokorich. The statement, among others, said all parties other than defendant Kokorich had settled the charges against them for a total of $ 8 million, while the case against defendant Kokorich continued. Also on July 13, 2021, the SEC released a cease-and-desist order and a lawsuit against defendant Kokorich that detailed the defendants’ plan to defraud investors in connection with the merger. Following this news, the price of the Stable Road Class A share fell a further 10%, harming investors even further.
Robbins Geller launched a dedicated SPAC working group protect investors in blank check companies and seek redress for malpractice. Comprised of experienced litigators, investigators and forensic accountants, the PSPC task force is dedicated to eradicating and prosecuting fraud on behalf of aggrieved PSPC investors. The increase in blank check financing presents unique risks for investors. Robbins Geller’s PSPC Working Group represents the forefront of integrity, honesty and fairness in this rapidly developing area of investment.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased securities of Stable Road during the Recourse Period to seek appointment as principal plaintiff in the Stable road / Momentus class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering Stable road / Momentus class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. Stable road / Momentus class action lawsuit. The ability of an investor to participate in any potential future recovery of the Stable road / Momentus the class action does not depend on the function of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit https://www.rgrdlaw.com/firm.html for or more information.
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|Robbins Geller Rudman & Dowd LLP|
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|JC Sanchez, 800-449-4900|