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For more information, contact us.īerger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. Whistleblowers: Anyone with non-public information regarding Stable Road is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. On this news, the price of Stable Road securities fell $1.22 per share, or 10%, to close at $10.66. Also on July 13, 2021, the SEC publicized a cease-and-desist order and complaint against Defendant Kokorich. Securities and Exchange Commission announced charges against Stable Road, Momentus, and members of key management for making “misleading claims about Momentus’ 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 was ongoing.
government national security and foreign ownership concerns surrounding the Company.” In response, the price of Stable Road securities fell $4.75 per share (19%) over the next three trading days, to close at $20.10 on January 27, 2021. On January 25, 2021, Momentus announced that Momentus’ CEO and founder, Mikhail Kokorich, had resigned “in an effort to expedite the resolution of U.S. on a demo flight launched mid-2019.” According to recently filed lawsuits, defendants failed to disclose the adverse facts about Momentus’ business, operations, and prospects, as well as Stable Road’s due diligence in connection with the Merger. An investor presentation issued shortly after that announcement represented that Momentus had an enterprise value of $1.2 billion and that its “Groundbreaking Water Propulsion Technology” had been “uccessfully tested. On October 7, 2020, Stable Road and Momentus issued a joint press release announcing that Stable Road had agreed to acquire Momentus in a proposed merger. (“Momentus”), a private space transportation company, was an acquisition target of Stable Road during the Class Period.
If you purchased Stable Road securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Andrew Abramowitz at or (215) 875-3015, or Donnell Much at or (215) 875-4667, or visit Stable Road is a special purpose acquisition company (SPAC) that went public in November 2019 via initial public offering. (“Stable Road” or the “Company”) on behalf of investors who purchased Stable Road securities (NASDAQ: SRAC, SRACU, SRACW) between Octoand J(the “Class Period”). PHILADELPHIA, J– Berger Montague is investigating securities fraud claims against Stable Road Acquisition Corp. PRACTICE AREAS: Securities & Investor Protection
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