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

Late claims are being considered for compensation, subject to approval.

C.D. California

Court

2:21-CV-5744

Case number

10/07/2020

Class period Start

07/13/2021

Class period End

04/05/2024

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

07/15/2021

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

04/22/2024

Exclusion deadline

04/01/2024

Objection deadline

04/01/2024

Trades matching type

FIFO

+$8,500,000

Cash Settlement Amount