STABLE ROAD ACQUISITION CORP. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP ...
NEW YORK, July 21, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Stable Road Acquisition Corp. (“Stable Road” or the “Company”) (NASDAQ: SRAC) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Stable Road securities between October 7, 2020 and July 13, 2021, both dates inclusive (the “Class Period”).
All investors who purchased Stable Road Acquisition Corp. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Stable Road Acquisition Corp. you may, no later than September 13, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Stable Road Acquisition Corp.
On October 7, 2020, Stable Road and Momentus, a private commercial space company, issued a joint press release announcing that Stable Road had agreed to acquire Momentus in a proposed merger, subject to shareholder approval. The press release stated that the merger would “create the first publicly traded space infrastructure company at the forefront of the new space economy.”
On January 25, 2021, Momentus announced that defendant Kokorich had resigned as Momentus CEO “in an effort to expedite the resolution of U.S. government national security and foreign ownership concerns surrounding the Company.” On this news, the price of Stable Road Class A stock fell 19% over three trading days, to close at $20.10 per share on January 27, 2021.
Subsequently, on July 13, 2021, the U.S. Securities and Exchange Commission (“SEC”) announced charges against Stable Road, its CEO, defendant Brian Kabot, SRC-NI Holdings, Momentus, and defendant Kokorich for making “misleading claims about Momentus’s technology and about national security risks associated with Kokorich.” The release stated that all parties, other than defendant Kokorich, had settled the charges against them for $8 million in total, while the case against defendant Kokorich continued. Additionally, on July 13, 2021, the SEC publicized a cease-and-desist order and complaint against defendant Kokorich which detailed defendants’ scheme to defraud investors in connection with the merger.
On this news, on July 14, 2021, the price of Stable Road Class A stock fell $1.22 per share, or 10%, to close at $10.66 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.