PHILADELPHIA, PA / ACCESSWIRE / August 17, 2022 / Investor protection law firm Kaskela Law LLC announces that it is investigating Momentus Inc. ("Momentus" or the "Company") (NASDAQ:MNTS) on behalf of the Company's long-term investors.
Momentus operates as a commercial space company. The current company was formed in August 2021 through a business combination with Stable Road Acquisition Corp. (SRAC), a SPAC investment company, with Momentus as the surviving, publicly traded entity. At the time of the business combination, Momentus' shares traded at over $10.00 per share.
Recently an amended shareholder complaint was filed against Momentus on behalf of certain investors who purchased shares of SRAC/MNTS stock between October 7, 2020 and July 13, 2021. According to the complaint, during that time period the defendants misleadingly touted the business combination and Momentus' prospects while failing to disclose that (i) multiple federal agencies had determined that Momentus' then-CEO Defendant Kokorich posed an unacceptable national security risk, (ii) Momentus had never successfully tested its technology in space as claimed, (iii) as a result, Momentus' financial projections of immediate, explosive revenue growth were highly misleading, and (iv) SRAC's superficial due diligence of Momentus failed to provide any reasonable basis for its public statements about the company.
In a July 13, 2021 press release announcing an SEC Order and Complaint, SEC Chair Gary Gensler specifically confirmed that Defendants "misled the investing public" and that Stable Road had "fail[ed] to undertake adequate due diligence to protect shareholders."
The investigation seeks to determine whether the members of Momentus' board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Momentus stockholders who purchased or acquired their SRAC/MNTS shares prior to August 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 - 0750, or by email ([email protected]) or online at https://kaskelalaw.com/cases/momentus-inc/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation, and has helped recover in excess of $100 million on behalf of victimized investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
[email protected]
Adrienne Bell, Esq.
[email protected]
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 - 1740
(484) 229 - 0750
www.kaskelalaw.com
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SOURCE: Kaskela Law LLC