LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Stable Road Acquisition Corp. (“Stable Road” or “the Company”) (NASDAQ: SRAC) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The SEC announced a settlement with Stable Road, its CEO, and its merger target, Momentus Inc., on July 13, 2021. The settlement includes penalties of more than $8 million. It follows allegations that Momentus and its CEO “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.” Based on this news, shares of Stable Road dropped more than 7% in intraday trading on July 14, 2021.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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