According to the lawsuit, defendants statements throughout the Class Period were materially false and misleading when made because they misrepresented and failed to disclose the adverse facts about Momentus Inc.’s (“Momentus”) business, operations, and prospects and Stable Road’s due diligence activities in connection with the merger, which were known to defendants or recklessly disregarded by them, as follows:
- that Momentus’ 2019 test of its key technology, a water plasma thruster, had failed to meet Momentus’ own public and internal pre-launch criteria for success, and was conducted on a prototype that was not designed to generate commercially significant amounts of thrust;
- that the U.S. government had conveyed that it considered the chief executive officer (“CEO”) of Momentus a national security threat, which jeopardized the CEO’s continued leadership of Momentus and Momentus’s launch schedule and business prospects;
- that as a result of the foregoing, the revenue projections and business and operational plans provided to investors regarding Momentus and the commercial viability and timeline of its products were materially false and misleading and lacked a reasonable basis in fact; and
- that Stable Road had failed to conduct appropriate due diligence of Momentus and its business operations and defendants had materially misrepresented the due diligence activities being conducted by SRC-NI Holdings, LLC and Stable Road executives in connection with the merger.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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