San Diego, CA -- (SBWire) -- 02/18/2022 --The Shareholders Foundation announced that an update in the lawsuit that is pending for certain investors in NASDAQ: SRAC shares.
If you purchased shares of Stable Road Acquisition Corp. (NASDAQ: SRAC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On July 15, 2021, a lawsuit was filed against Stable Road Acquisition Corp. over alleged securities laws violations. The plaintiff claims that the defendants misrepresented and failed to disclose adverse facts about Momentus's business, operations, and prospects and Stable Road's due diligence activities in connection with the merger, which were known to defendants or recklessly disregarded by them, as follows: (a) Momentus's 2019 test of its key technology, a water plasma thruster, had failed to meet Momentus's 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; (b) the U.S. government had conveyed that it considered Momentus's CEO, defendant Mikhail Kokorich, a national security threat, which jeopardized Kokorich's continued leadership of Momentus and Momentus's launch schedule and business prospects; (c) consequently, 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 (d) Stable Road had failed to conduct appropriate due diligence of Momentus and its business operations and defendants had materially misrepresented the due diligence activities being conducted by Stable Road executives and its sponsor in connection with the merger.
On November 12, 2021, an amended consolidated complaint was filed.
Those who purchased shares of Stable Road Acquisition Corp. (NASDAQ: SRAC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Stable Road Acquisition Corp. (NASDAQ:SRAC) Investor Notice: Update in Lawsuit
A lawsuit is pending for certain of investors in Stable Road Acquisition Corp. (NASDAQ:SRAC) shares.