NEW YORK, July 16, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Stable Road Acquisition Corp. (“Stable Road” or the “Company”) (NASDAQ: SRAC). A class action securities lawsuit has been filed on behalf of investors who purchased Stable Road securities between October 7, 2020 and July 13, 2021, inclusive (the “Class Period”).
On July 13, 2021, the U.S. Securities and Exchange Commission ("SEC") announced that it had brought charges against Stable Road, a special-purpose acquisition corporation ("SPAC"), Momentus Inc. (“Momentus”) and others in connection with Stable Road’s acquisition of Momentus. Among other things, the SEC has alleged that Stable Road, and its merger target, Momentus, both misled the investing public. Allegedly, Momentus 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. Further, the SEC found that Stable Road repeated Momentus's misleading statements in public filings, while failing to conduct adequate due diligence of Momentus.
Following this news, Stable Road's stock price fell $1.22 per share, or 10.27%, to close at $10.66 per share on July 14, 2021.
If you are a member of the proposed Class, you may move the court no later than September 13, 2021 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 646-315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com