Skip to Main Content

Stable Road Acquisition Corp. Securities Fraud Class Action

View Complaint
COMPANY         Stable Road Acquisition Corp. 
COURT United States District Court for the Central District of California
CASE NUMBER 21-cv-05744
JUDGE The Honorable John F. Walter
CLASS PERIOD  October 7, 2020 - July 13, 2021
SECURITY TYPE  Common Stock and Warrants

Case Background:

The Class Period commences on October 7, 2020, when Stable Road and Momentus issued a joint press release announcing that Stable Road had agreed to acquire Momentus in a proposed merger, subject to shareholder approval (the “Merger”).  On October 13, 2020, Stable Road filed on a Form 8-K an investor presentation regarding the Merger. The investor presentation stated that Momentus had an enterprise value of $1.2 billion and stated that its “Groundbreaking Water Propulsion Technology” had been “[s]uccessfully tested . . . on a demo flight launched mid-2019.”  The complaint alleges that the Defendants failed to disclose the adverse facts about Momentus’ business, operations, and prospects and Stable Road’s due diligence activities in connection with the Merger.

The complaint alleges that the Defendants misrepresented and failed to disclose that: (1) Momentus’ 2019 test of its key technology, a water plasma thruster, had failed to meet Momentus’ own public and internal pre-launch criteria for success, and was conducted on a prototype that was not designed to generate commercially significant amounts of thrust; (2) the U.S. government had conveyed that it considered Mr. Kokorich a national security threat, which jeopardized Mr. Kokorich’s continued leadership of Momentus and Momentus’ launch schedule and business prospects; (3) as a result of the above, the revenue projections and business and operational plans provided to investors regarding Momentus and the commercial viability and timeline of its products were materially false and misleading and lacked a reasonable basis in fact; and (4) Stable Road had failed to conduct appropriate due diligence of Momentus and its business operations and the defendants had materially misrepresented the due diligence activities being conducted by the Sponsor and Stable Road executives in connection with the Merger. 

Current Status of Case:

On September 20, 2023, the Court issued an Order granting Lead Plaintiffs Motion for Preliminary Approval of Settlement and scheduled a Settlement Hearing on April 22, 2024. On April 23, 2024, the Court entered Orders Approving Plan of Allocation, Awarding Attorneys’ Fees, and Judgment Approving Class Action Settlement.  This action has concluded.

The deadline to file a claim is April 5, 2024.  If you have any questions or need further information about this settlement, you may go to the following website, www.StableRoadSecuritiesSettlement.com, or you can contact the claims administrator, Strategic Claims Services at 1-866-274-4004

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

Please complete this form relating to your transactions for Stable Road Acquisition Corp. (NASDAQ: SRAC; SRACW; SRACU) securities between October 7, 2020 and July 13, 2021, inclusive (the “Class Period”).

You may also contact Jon Naji, Esq. at (484) 270-1453; or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

SUBMIT YOUR INFORMATION
* Denotes required field
Date
# of Shares
Price per Share
Date
Principal Amount
Amount Paid
Series or CUSIP
Date
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Stable Road Acquisition Corp. prior to the Class Period?
Are you a current or former employee of Stable Road Acquisition Corp.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
I agree to the KTMC disclaimer
I would like to receive new case alerts by email