A lawsuit was filed on behalf of investors in Mullen Automotive, Inc. (NASDAQ:MULN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/16/2022 -- An investor in shares of Mullen Automotive, Inc. (NASDAQ: MULN) filed a lawsuit over alleged violations of Federal Securities Laws by Mullen Automotive, Inc. f/k/a Net Element, Inc.
Investors who purchased shares of Mullen Automotive, Inc. (NASDAQ: MULN) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2022. Mullen Automotive, Inc. (NASDAQ: MULN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
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 $0.76 per share on May 12, 2022.
The plaintiff claims that between June 15, 2020 and April 6, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Mullen overstates its ability and timeline regarding production, that Mullen overstates its deals with business partners, including Qiantu Motors, that Mullen overstates its battery technology and capabilities, that Mullen overstates its ability to sell its branded products, that Net Element did not conduct proper due diligence into Mullen Technologies, that the Dragonfly K50 was not (solely) delayed due to the COVID-19 pandemic, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Mullen Automotive, Inc. (NASDAQ: MULN) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.