SAN FRANCISCO, July 15, 2021 /PRNewswire/ -- Hagens Berman urges Stable Road Acquisition Corp. (NASDAQ: SRAC) investors with significant losses to submit your losses now. The firm is investigating SEC charges related to the planned merger of the company and privately held Momentus Inc.
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Stable Road Acquisition Corp. (SRAC) Investigation:
The investigation focuses on Stable Road's misrepresentations about the technology and national security risks posed by Momentus, a privately held space company that aspires to provide space infrastructure services.
More specifically, on July 13, 2021 the SEC sued Stable Road, its CEO (Brian Kabot), Momentus, and its former CEO (Mikhail Kokorich) for making materially false statements and omissions and otherwise engaging in other deceptive conduct, all designed to mislead Stable Road investors.
Among other things, the SEC alleges that Kokorich, Momentus and Stable Road falsely represented to investors that Momentus "successfully tested" its key technology in space when, in fact, the tests were not successful. The SEC also alleges that Kokorich presented a national security risk. Moreover, the SEC alleges that Stable Road's "due diligence of Momentus was conducted in a compressed timeframe and unreasonably failed both to probe the basis of Momentus' claims that its technology had been 'successfully tested' in space and to follow up on red flags concerning national security and ownership risks."
Before publicly announcing their merger agreement, Momentus and Stable Road made multiple slide presentations to potential PIPE investors. Each of those presentations contained a slide titled, "Momentus at a Glance," which claimed that Momentus "successfully tested water based propulsion technology on a demo flight launched mid-2019 –is still operational today."
"We're focused on investors' losses and proving Stable Road, Momentum and other insiders lied to investors about Momentus' key technology and concealed concerns about 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 mailto:SRAC@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP
