Milberg Announces Opportunity For Investors with Substantial Losses To Lead the Stable Road Acquisition Corp. Class Action Lawsuit

NEW YORK, August 2, 2021 / PRNewswire / – Milberg Coleman Bryson Phillips Grossman (“Milberg”), a global law firm representing investors and consumers, announces that on behalf of the acquirers of Stable Road Acquisition Corp. (NASDAQ: SRAC; SRACW; SRACU) Securities in the period between October 7, 2020 and July 13, 2021 (the “Class Period”). Stable Road’s class actions allege that Stable Road, its sponsor SRC-NI Holdings, LLC, the officers of Stable Road, as well as Momentus Inc. and its former CEO, have violated the Securities Exchange Act of 1934. At Central, two class actions are pending from the district California (Jensen v. Stable Road Acquisition Corp., No. 21-cv-05744, assigned to the Honorable Judge John F. Walterand Hall v. Stable Road Acquisition Corp., No. 21-cv-05943.

The lawsuits allege that Defendants misled investors about important facts relating to Stable Road’s proposed merger with Momentus, including materially false and misleading statements and / or failure to disclose:; (2) the US government had designated the CEO of Momentus, Mikhail Kokorich, a national security threat that jeopardized its continued role in Momentus and threatened its prospects; and (3) Stable Road has failed to perform proper due diligence by Momentus and misrepresented these efforts. These misrepresentations and / or omissions resulted in Stable Road securities trading at artificially inflated prices throughout the class action period.

on January 25, 2021, Momentus announced that Defendant Kokorich has resigned as CEO of Momentus in an effort to address national security concerns from the US government. In response to this news, Stable Road stock fell nearly 20% in three trading days to close $ 20.10 per share January 27, 2021.

Then, on July 13, 2021, The US Securities and Exchange Commission has indicted Stable Road, its sponsor SRC-NI, with its CEO Brian Kabot, Momentus and Kokorich for misleading investors about Momentus technology and Kokorich’s national security issues. According to the SEC, all parties except Kokorich have contacted the SEC for penalties in excess of $ 8 million and other facilities. As a result of this news, the price of Stable Road Class A stock fell 10%, which did further damage to investors.

Under the Private Securities Litigation Reform Act (“PSLRA”), any member of the alleged class can serve as the lead plaintiff. A lead plaintiff makes key decisions regarding the case and oversees the litigation. Every interested investor must submit an application to the court no later than September 13, 2021. Your ability to participate in a recovery does not require you to be the lead plaintiff; If there is redress for the group and you are part of that group, whether you are the lead plaintiff or not, you can file the claim forms at this point.

About Milberg Coleman Bryson Phillips Grossman
Founded by members of Milberg Phillips Grossman LLP, Sanders Phillips Grossman LLC, Greg Coleman Law PC, and Whitfield Bryson LLP, Milberg represents plaintiffs in the fields of antitrust, securities, financial fraud, consumer protection, automotive emissions claims, defective drugs and equipment, environmental disputes, finance and insurance disputes, and cyber law and security. Milberg has nearly 100 lawyers working on three continents. The company and its affiliates have collected over $ 50 billion in judgments and settlements. * Milberg’s offices are in New York, London, California, Georgia, Mississippi, Washington, Tennessee, Florida, New Jersey, North Carolina, South carolina, Kentucky, and Puerto Rico.

Contact
Andrei Rado
[email protected]
212-594-5300
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Garden City, New York 11530

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SOURCE Milberg Coleman Bryson Phillips Grossman PLLC

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