RADNOR, Pa., Aug. 14, 2021 (GLOBE NEWSWIRE) – Kessler Topaz Meltzer & Check, LLP has announced to Stable Road Acquisition Corp. (NASDAQ: SRAC; SRACW; SRACU) (“Stable Road”) Investors announce that a class action lawsuit has been filed against Stable Road for securities fraud in the United States District Court for the Central District of California on behalf of those who bought or acquired Stable Road’s securities to have between October 7, 2020 and July 13, 2021, including (the “Class Period”).
Deadline of the main plaintiff: September 13, 2021
Contact: James Maro, Esq. (484) 270-1453
Toll Free (844) 887-9500
Stable Road is a special-purpose acquisition company. Momentus Inc. (“Momentus”) was an acquisition target of Stable Road during the class action period. Momentus is a privately held commercial space company headquartered in Santa Clara, California.
The complaint alleges that Defendants misrepresented and failed to disclose: (1) Momentus ‘2019 test of its key technology, a water plasma engine, did not meet Momentus’ own public and internal success criteria and was conducted on a prototype that was not designed to produce commercially significant thrust; (2) the US government announced that it viewed Mikhail Kokorich, founder and chief executive officer of Momentus, as a national security threat that undermined Mr. Kokorich’s continued leadership of Momentus and its launch plan and business prospects; (3) As a result of the foregoing, the sales projections and business and operational plans made available to investors with respect to momentus and economic viability and the timing of its products have been materially inaccurate, misleading and in fact unfounded; and (4) Stable Road had failed to perform appropriate due diligence on Momentus and its business, and Defendants had materially inaccurate the due diligence activities of the sponsor and Stable Road executives in connection with Stable Road’s acquisition of Momentus shown.
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Stable road investors can by 13.09.2021 at the latest, seek to be appointed as lead class agent through Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of the claims of other class plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)