An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Stable Road Acquisition Corp.
Investors who are current long term investors in Stable Road Acquisition Corp. (NASDAQ: SRAC) shares, have certain options and should contact the Shareholders Foundation at [email protected] or call
The investigation by a law firm for current long term investors in NASDAQ: SRAC stocks follows a lawsuit filed against Stable Road Acquisition Corp. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: SRAC stocks, concerns whether certain Stable Road Acquisition Corp. directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges 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.
Those who purchased shares of Stable Road Acquisition Corp. (NASDAQ: SRAC) have certain options and should contact the Shareholders Foundation.
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