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SRAC.US
id: 902

Stable Road (SRAC) and Momentus Merger Issues $8.5M Settlement

C.D. California
Court
2:21-CV-5744
Case number
07 Oct 2020
Class period Start
13 Jul 2021
Class period End
05 Apr 2024
Claim deadline
Stable Road (SRAC) has agreed to settle $8.5M with investors to resolve claims over merger with Momentus.

Case Details:

Stable Road was accused of misleding about Momentus's technology test failure, national security concerns, and false revenue projections.

On January 25, 2021, Momentus announced CEO Kokorich's resignation due to U.S. government concerns.

This caused a 19% drop in $SRAC on January 27, 2021. After that, Kokorich faced ongoing charges, leading to an additional 10% $SRAC decline.

Stable Road has now decided to end all the allegations and pay a $8.5M settlement for the $SRAC investors.

Who is eligible to get a payout?

All persons and entities that, between October 7, 2020 and July 13, 2021, inclusive, purchased or otherwise acquired: (a) publicly traded SRAC units; (b) publicly traded SRAC Class A common stock; and/or (c) publicly traded SRAC warrants, and were damaged thereby.

Do you need to sell your securities to be eligible?

No, if you have purchased them within the class period, you are eligible to participate.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
Case Status
Accepting Late Claims
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.4
Filing date
15 July 2021
Plaintiffs
Keith Jensen
Attorneys
Glancy Prongay & Murray LLP
Defendants
Brian Kabot, Juan Manuel Quiroga, James Norris, James Hofmockel, Dawn Harms, Fred Kennedy, Mikhail Kokorich
Judge
John F. Walter
Court hearing date
22 April 2024
Exclusion deadline
01 April 2024
Objection deadline
01 April 2024
Trades matching type
FIFO
+$8,500,000
Cash Settlement Amount

Stable Road Acquisition Corp

Stable Road Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business com...

    Ticker
    SRAC.US
    ISIN
    US85236Q1094
    CIK
    1781162
    Sector
    Financial Services
    Industry
    Shell Companies
    Country
    USA
    Address
    1345 Abbot Kinney Boulevard, Venice, CA, United States, 90291