Berman Tabacco Alerts Investors with Losses in Excess of $50,000 of Approaching Lead Plaintiff Deadline in Class Action Filed Against Stable Road Acquisition Corp. (SRAC, SRACU, SRACW)

Boston, Massachusetts--(Newsfile Corp. - September 7, 2021) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations against Stable Road Acquisition Corp. ("Stable Road" or the "Company") (NASDAQ: SRAC) (NASDAQ: SRACU) (NASDAQ: SRACW) in connection with its proposed combination with Momentus, Inc. ("Momentus").

If you purchased Stable Road common stock and have sustained losses in excess of $50,000 and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.

About the Securities Class Action Filed

On July 13, 2021, the U.S. Securities and Exchange Commission ("SEC") "announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC's proposed merger target Momentus Inc., and Momentus's founder and former CEO Mikhail Kokorich for misleading claims about Momentus's technology and about national security risks associated with Kokorich." According to the SEC, "litigation is proceeding against Kokorich", and "[a]ll other parties are settling with the SEC."

According to the SEC's settled order, "Kokorich and Momentus, an early-stage space transportation company, 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." The order also "finds that Momentus and Kokorich also misrepresented the extent to which national security concerns involving Kokorich undermined Momentus's ability to secure required governmental licenses essential to its operations."

In response to this news, common shares of Stable Road were down $1.22 per share or 10.3% to close at $10.66, on July 14, 2021.

On July 15, 2021, a securities class action was filed in the Central District of California on behalf of purchasers of Stable Road securities during the period between October 7, 2020 and July 13, 2021. The class action alleges, among other things, that the defendants "misrepresented and failed to disclose the 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) that 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) that the U.S. government had conveyed that it considered the CEO of Momentus, defendant Kokorich, a national security threat, which jeopardized defendant Kokorich's continued leadership of Momentus and Momentus's launch schedule and business prospects; (c) that, as a result of (a) and (b) 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 (d) that 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 the Sponsor and Stable Road executives in connection with the Merger."

How to Seek Appointment as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than September 13, 2021. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you purchased Stable Road securities between October 7, 2020 and July 13, 2021 and have sustained losses in excess of $50,000, and would like more information on seeking to serve as Lead Plaintiff, please visit: Shareholder Contact | Berman Tabacco.

Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.

About Berman Tabacco

Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Contact:
Jay Eng, Esq.
(800) 516-9926
Email: law@bermantabacco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95746