The Law Offices of Frank R. Cruz announces an investigation of Stable Road Acquisition Corp. (“Stable Road” or the “Company”) (NASDAQ: SRAC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On July 13, 2021, after market hours, the U.S. Securities and Exchange Commission (“SEC”) announced a settlement with Stable Road, a special purpose acquisition company, its sponsor and CEO, and its merger target Momentus Inc. The settlement penalties total more than $8 million. The settlement follows allegations that Momentus and its CEO, Mikhail Kokorich “repeatedly told investors that it had ‘successfully tested’ its propulsion technology in space when, in fact, the company’s only in-space test had failed to achieve its primary mission objectives or demonstrate the technology’s commercial viability.”
On this news, the Company’s stock price fell $1.20, or over 10%, to close at $10.68 per share on July 14, 2021, thereby injuring investors.
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If you purchased Stable Road securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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