Glancy Prongay & Murray LLP Announces Proposed Settlement of Class Action on Behalf of Purchasers of Stable Road Acquisition Corp. ("SRAC") publicly traded units, publicly traded SRAC Class A common stock, and publicly traded SRAC warrants

LOS ANGELES, Calif., Dec. 18, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP announces that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of Stable Road Acquisition Corp. ("SRAC") publicly traded units, publicly traded SRAC Class A common stock, and publicly traded SRAC warrants:

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:   All persons and entities that purchased or otherwise acquired publicly traded Stable Road Acquisition Corp. ("SRAC") units, publicly traded SRAC Class A common stock, and publicly traded SRAC warrants between October 7, 2020 and July 13, 2021, inclusive, and were damaged thereby (the "Settlement Class")¹ :

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

         YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California, that the litigation captioned In re Stable Road Acquisition Corp. Securities Litigation, Case No. 2:21-CV-5744-JFW(SHKx) (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

          YOU ARE ALSO NOTIFIED that the Lead Plaintiff in the Action has reached a proposed settlement of the Action for $8,500,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action. 

          A hearing will be held on April 22, 2024 at 1:30 p.m., before the Honorable John F. Walter at the United States District Court for the Central District of California, United States Courthouse, Courtroom 7A, 350 W. 1st Street, Los Angeles, CA 90012, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

          If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re Stable Road Acquisition Corp. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063, 1-866-274-4004.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.StableRoadSecurities.com. 

          If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked or online no later than April 5, 2024 to the Claims Administrator.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

          If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than April 1, 2024, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

          Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than April 1, 2024, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Stable Road Acquisition Corp., or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

          Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

Casey E. Sadler, Esq.
GLANCY PRONGAY & MURRAY LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(888) 773-9224
[email protected]

Requests for the Notice and Claim Form should be made to:
In re Stable Road Acquisition Corp. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063
(866) 274-4004
www.StableRoadSecuritiesSettlement.com

By Order of the Court

¹ All capitalized terms used in this Summary Notice that are not otherwise defined herein shall have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated August 18, 2023 (the "Stipulation"), which is available at www.StableRoadSecurities.com.

SOURCE Glancy Prongay & Murray LLP