This case was last updated from U.S. District Courts on 01/29/2022 at 06:13:00 (UTC).

Drew Depoy v. Stable Road Acquisition Corp. et al

Case Summary

On August 4, 2021, Drew DePoy (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Jennifer Pafiti of Pomerantz LLP, filed a civil action against Stable Road Acquisition Corp. (“Stable Road” or the “Company”), Momentus Inc. (“Momentus”), SRC-NI Holdings, LLC (“Sponsor”), Brian Kabot (“Kabot”), James Norris (“Norris”), and Mikhail Kokorich (“Kokorich”) (collectively, the “Defendants”), seeking damages with interest, along with costs, expenses, and counsel fees, for allegedly issuing a materially false and misleading registration statement in violation of federal securities laws. This case was filed in U.S. District Court in the Central District of California with Judges John F. Walter and Paul L. Abrams presiding. 

In its complaint, the Plaintiff alleged that, “In November 2019, the Sponsor and Defendants Kabot and Norris took Stable Road public via an initial public offering (the “IPO”). While Stable Road did not identify any target companies at the time of the IPO, the IPO offering materials stated that the Company planned to pursue an acquisition focused in the cannabis sector. IPO offering materials claimed that the Sponsor and Stable Road management, including Defendants Kabot and Norris, would “[c]onduct rigorous due diligence” of any target possibilities, “including a review of company-specific information as well as an analysis of the overall industry and competitive landscape.”

The Plaintiff further alleged that, “The Individual Defendants, because of their positions of control and authority as officers and/or directors of the Company and Momentus, were able to, and did, control the content of the various SEC filings, press releases, and other public statements pertaining to the Company and Momentus during the Class Period. Each Individual Defendant was provided with copies of the documents alleged herein to be misleading before or shortly after their issuance and/or had the ability and/or opportunity to prevent their issuance or cause them to be corrected. Accordingly, each Individual Defendant is responsible for the accuracy of the public statements detailed herein and is, therefore, primarily liable for the representations contained therein.”

The Plaintiff lists out two claims for relief. The first claim is against all Defendants  for the alleged violation of §10(b) of the Exchange Act and Rule l0b-5 promulgated thereunder, and the second claim is against the individual Defendants and Sponsor for alleged violation of §20(a) of the Exchange Act. The Plaintiff claimed that the registration statement was materially false and misleading when made because it misrepresented and failed to disclose the adverse facts about 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.

In its prayer for relief, the Plaintiff has requested that the Court designate Plaintiff as Lead Plaintiff and declare this action to be a class action properly maintained pursuant to Rule 23 of the Federal Rules of Civil Procedure, and award Plaintiff and other members of the Class damages together with interest thereon and their costs and expenses of this litigation, including reasonable attorneys’ fees, expert fees, and other costs and disbursements, and such other and further relief as the Court deems just and proper under the circumstances.

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    2:21-CV-06287

  • Filing Date:

    08/04/2021

  • Case Status:

    Disposed - Other Disposed

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

John F. Walter

Referral Judge

Shashi H. Kewalramani

 

Party Details

Plaintiff

Drew Depoy

Defendants

Stable Road Acquisition Corp.

Momentus Inc.

SRC-NI Holdings, LLC

Brian Kabot

James Norris

Mikhail Kokorich

Attorney/Law Firm Details

Plaintiff Attorney

Jennifer Pafiti

Defendant Attorneys

Perrie M Weiner

Michael P McCloskey

Aaron T Goodman

 

Court Documents

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(#17) MINUTES (IN CHAMBERS) ORDER GRANTING MOTION OF HARTMUT HAENISCH FOR CONSOLIDATION OF RELATED ACTIONS, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF LEAD COUNSEL [filed 9/22/2021; Docket No. 63 ] by Judge John F. Walter. In light of the Notices of Withdrawal and Notice of Non-Opposition and for the reasonsstated in Haenisch's moving papers, the Court GRANTS Haenischs Motion. The Clerk shall consolidate the above-listed actions pursuant to Federal Rule of Civil Procedure 42(a) such that the lowest-numbered case, 2:21-CV-5744-JFW(SHKx) is the Master File. All future filings shall be filed in Master File Case number 2:21-CV-5744-JFW(SHKx) and bear the following caption: In re Stable Road Acquisition Corp. Securities Litigation, Master File No. 2:21- CV-5744-JFW(SHKx). The Clerk is ordered to close Case Nos. CV 21-5943-JFW(SHKx) amd CV 21-6287- JFW(SHKx). (Made JS-6. Case Terminated.) (iv) (Entered: 10/20/2021)

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Docket Entries

  • 10/20/2021
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  • Docket(#17) MINUTES (IN CHAMBERS) ORDER GRANTING MOTION OF HARTMUT HAENISCH FOR CONSOLIDATION OF RELATED ACTIONS, APPOINTMENT AS LEAD PLAINTIFF, AND APPROVAL OF LEAD COUNSEL [filed 9/22/2021; Docket No. 63 ] by Judge John F. Walter. In light of the Notices of Withdrawal and Notice of Non-Opposition and for the reasonsstated in Haenisch's moving papers, the Court GRANTS Haenischs Motion. The Clerk shall consolidate the above-listed actions pursuant to Federal Rule of Civil Procedure 42(a) such that the lowest-numbered case, 2:21-CV-5744-JFW(SHKx) is the Master File. All future filings shall be filed in Master File Case number 2:21-CV-5744-JFW(SHKx) and bear the following caption: In re Stable Road Acquisition Corp. Securities Litigation, Master File No. 2:21- CV-5744-JFW(SHKx). The Clerk is ordered to close Case Nos. CV 21-5943-JFW(SHKx) amd CV 21-6287- JFW(SHKx). (Made JS-6. Case Terminated.) (iv) (Entered: 10/20/2021)

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  • 09/22/2021
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  • Docket(#16) Notice of Appearance or Withdrawal of Counsel: for attorney Daniel James Anello counsel for Defendant Momentus Inc.. Adding Daniel James Anello as counsel of record for Momentus, Inc. for the reason indicated in the G-123 Notice. Filed by Defendant Momentus, Inc.. (Attorney Daniel James Anello added to party Momentus Inc.(pty:dft))(Anello, Daniel) (Entered: 09/22/2021)

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  • 09/21/2021
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  • Docket(#15) Notice of Appearance or Withdrawal of Counsel: for attorney Michael P McCloskey counsel for Defendant Momentus Inc.. Adding Michael Patrick McCloskey as counsel of record for Momentus, Inc. for the reason indicated in the G-123 Notice. Filed by Defendant Momentus, Inc.. (Attorney Michael P McCloskey added to party Momentus Inc.(pty:dft))(McCloskey, Michael) (Entered: 09/21/2021)

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  • 09/17/2021
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  • Docket(#14) MINUTES (IN CHAMBERS) COURT ORDER by Judge John F. Walter. Counsel are hereby notified that a Scheduling Conference has been set for November 1, 2021 at 1:15 p.m. before Judge John F. Walter in Courtroom 7A, 350 W. 1st St, Los Angeles, CA 90012. Lead Trial Counsel shall attend all proceedings before this Court, including the Scheduling Conference. Counsel are directed to comply with Rule 26 of the Federal Rules of Civil Procedure and Local Rule 26-1 in a timely fashion and to file a Joint Report, on or before October 18, 2021. (iv) (Entered: 09/17/2021)

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  • 09/17/2021
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  • Docket(#13) Notice of Appearance or Withdrawal of Counsel: for attorney Perrie M Weiner counsel for Defendant Momentus Inc.. Adding Perrie Weiner as counsel of record for Momentus, Inc. for the reason indicated in the G-123 Notice. Filed by Defendant Momentus, Inc.. (Attorney Perrie M Weiner added to party Momentus Inc.(pty:dft))(Weiner, Perrie) (Entered: 09/17/2021)

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  • 09/17/2021
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  • Docket(#12) Notice of Appearance or Withdrawal of Counsel: for attorney Aaron T Goodman counsel for Defendant Momentus Inc.. Adding Aaron Goodman as counsel of record for Momentus, Inc. for the reason indicated in the G-123 Notice. Filed by Defendant Momentus, Inc.. (Attorney Aaron T Goodman added to party Momentus Inc.(pty:dft))(Goodman, Aaron) (Entered: 09/17/2021)

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  • 08/05/2021
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  • Docket(#11) ORDER RE TRANSFER PURSUANT TO Local Rule 83-1.3.1 and General Order 21-01 -Related Case- filed. Related Case No: 2:21-cv-05744 JFW(SHKx). Case referred from Magistrate Judge Paul L. Abrams to Magistrate Judge Shashi H. Kewalramani for Discovery. The case number will now read as follows: 2:21-cv-06287 JFW(SHKx). Signed by Magistrate Judge Shashi H. Kewalramani. (rn) (Entered: 08/06/2021)

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  • 08/04/2021
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  • Docket(#10) STANDING ORDER by Judge John F. Walter. READ THIS ORDER CAREFULLY. IT CONTROLS THE CASE AND DIFFERS IN SOME RESPECTS FROM THE LOCAL RULES. This action has been assigned to the calendar of Judge John F. Walter. (iv) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#9) NOTICE OF PRO HAC VICE APPLICATION DUE for Non-Resident Attorney Peretz Bronstein. A document recently filed in this case lists you as an out-of-state attorney of record. However, the Court has not been able to locate any record that you are admitted to the Bar of this Court, and you have not filed an application to appear Pro Hac Vice in this case. Accordingly, within 5 business days of the date of this notice, you must either (1) have your local counsel file an application to appear Pro Hac Vice (Form G-64) and pay the applicable fee, or (2) complete the next section of this form and return it to the court at cacd_attyadm@cacd.uscourts.gov. You have been removed as counsel of record from the docket in this case, and you will not be added back to the docket until your Pro Hac Vice status has been resolved. (esa) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#8) 21 DAY Summons issued re Complaint #1 as to defendants Brian Kabot, Mikhail Kokorich, Momentus Inc., James Norris, SRC-NI Holdings, LLC, Stable Road Acquisition Corp.. (esa) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#7) Notice to Counsel Re Consent to Proceed Before a United States Magistrate Judge. (esa) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#6) NOTICE TO PARTIES OF COURT-DIRECTED ADR PROGRAM filed. (esa) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#5) NOTICE OF ASSIGNMENT to District Judge John F. Walter and Magistrate Judge Paul L. Abrams. (esa) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#4) NOTICE of Interested Parties filed by Plaintiff Drew Depoy, (Pafiti, Jennifer) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#3) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening) #1 filed by Plaintiff Drew Depoy. (Pafiti, Jennifer) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#2) CIVIL COVER SHEET filed by Plaintiff Drew Depoy. (Pafiti, Jennifer) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#1) COMPLAINT Receipt No: ACACDC-31747712 - Fee: $402, filed by Plaintiff Drew Depoy. (Attorney Jennifer Pafiti added to party Drew Depoy(pty:pla))(Pafiti, Jennifer) (Entered: 08/04/2021)

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