An investigation for investors in Mullen Automotive, Inc. (NASDAQ:MULN) shares over potential securities laws violations by Mullen Automotive, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 04/19/2022 -- An investigation was announced for investors of Mullen Automotive, Inc. (NASDAQ: MULN) over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Mullen Automotive, Inc. (NASDAQ: MULN), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Mullen Automotive, Inc. () concerning whether a series of statements by Mullen Automotive, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Brea, CA based Mullen Automotive, Inc., an electric vehicle company, manufactures and distributes electric vehicles.
On April 6, 2022, a report was published addressing Mullen Automotive, Inc, entitled "Mullen Automotive: Yet Another Fast Talking EV Hustle", calling the Company among the worst electric vehicle ("EV") hustles that Hindenburg has seen in a crowded field of contenders such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that "[d]espite only spending ~$3 million in R&D in 2021, Mullen claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions on solving the problem." The Hindenburg report also alleged that the Chief Executive Officer of EV Grid, Inc. ("EV Grid"), which makes batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding test results for its battery, stating "[w]e never would have said that" and "[w]e never did say it and certainly wouldn't have said it based on the results of testing that battery." Additionally, the report alleged that Mullen Automotive, Inc's claims to be in a joint venture with NextMetals Ltd. ("NextMetals") to create a solid-state battery were refuted by a NextMetals senior executive who said it "'was a nonstarter' and 'didn't exist.'"
Shares of Mullen Automotive, Inc. (NASDAQ: MULN) declined from $3.45 per share on March 31, 2022, to $2.15 per share on April 8, 2022.
Those who purchased shares of Mullen Automotive, Inc. (NASDAQ: MULN) have certain options and should contact the Shareholders Foundation.
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