Satellite Company Momentus Acquired Too Hastily, Investor Says

A special purpose acquisition company failed to perform due diligence when merging with aerospace company Momentus Inc. under a deadline to avoid repaying the acquisition company’s shareholders, an investor says in a derivative suit.

Stable Road Acquisition Corp.'s officers and directors were later accused by the Securities and Exchange Commission of failing to disclose key pieces of information about the would-be satellite operator, investor Melissa Hanna says. She filed her suit Wednesday in the US District Court for the Northern District of California.

The SEC said the officers and directors didn’t disclose that the federal government had determined Momentus’ CEO, ...