NEW ORLEANS, Aug. 12, 2022 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Momentus Inc. ("Momentus" or the "Company") (NasdaqGS: MNTS) f/k/a Stable Road Acquisition Corp. (SRAC).
The Company was formed in August 2021 through a business combination with Stable Road Acquisition Corp., a SPAC investment company, with Momentus as the surviving, publicly traded entity. On July 13, 2021, the Securities and Exchange Commission ("SEC") announced a civil complaint and cease and desist order against the Company, its predecessor, Stable Road Acquisition Corp., and others for making "misleading claims about Momentus's technology and about national security risks associated with [founder and former CEO Mikhail Kokorich]," detailing the defendants' scheme to defraud investors in connection with the merger. As a result, the Company reached a settlement with the SEC, agreeing to pay a civil penalty of $7.0 million.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court presiding over that case denied the Company's motion to dismiss in part, allowing the case to move forward.
KSF's investigation is focusing on whether Momentus' officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Momentus shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgs-mnts/ to learn more.
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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