Legal action alleges stock manipulation and unlawful stock trading practices
CEO David Michery stated, “I am extremely frustrated that so many of our shareholders have suffered losses that we believe were caused in large part by unlawful trading activities in our stock.”
BREA, Calif., Aug. 29, 2023 (GLOBE NEWSWIRE) — via IBN — Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that the Company has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker dealers engaged in a scheme to manipulate the share price of the Company’s securities. This lawsuit seeks compensatory damages and injunctive relief from Defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.
David Michery, CEO and chairman of Mullen stated: “MULN is one of the largest traded stocks on the NASDAQ and it has seen a precipitous decline in value despite announcements highlighting many Company successes. I have been extremely frustrated by the performance of our stock and long suspected illegal short selling activities. That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the Company and its loyal shareholder base. I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock. Our company has a zero-tolerance approach when it comes to manipulative trading practices. We believe the Company and its shareholders have been significantly harmed by certain traders and their brokers and market makers, such as the named Defendants in the lawsuit, that have facilitated this unlawful conduct. Rest assured we will use all legal measures at our disposal to stop illegal trading activities, and to protect the Company and its shareholders.”
Wes Christian, Senior Partner at Christian Attar, commented: “My law firm and my co-counsel, Alan Pollack, from Warshaw Burstein, together with our team of experts and analysts are committed to representing companies like Mullen who are targets of dishonest broker dealers who employ schemes and devices to manipulate the share price of their companies’ securities. The Mullen lawsuit involves concerted efforts by the Defendants to destroy Mullen’s share price by engaging in an abusive short selling scheme. This scheme was intended to inject false and misleading information about Mullen into the market which has caused many shareholders to sell their investment in Mullen. Like our client, we are committed to protecting the rights and interests of their shareholders who we believe have been victimized by unscrupulous broker dealers who have perpetrated a fraud on the marketplace.”
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether Mullen will prevail in the lawsuit or the future performance of the Company stock. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Mullen Automotive, Inc.
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