Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is reporting on the status of the lawsuit it filed against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that those broker dealers engaged in a scheme to manipulate the share price of the company’s securities. Mullen filed the lawsuit in August 2023 in the United States District Court in the Southern District of New York. The company is seeking compensatory damages and injunctive relief from the defendants “unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.” Earlier this week, Judge Analisa Torres issued an order that Mullen should file an amended complaint by Nov. 30, 2023, and that the parties shall jointly file a case-management plan by Dec. 15, 2023.
According to the announcement, that plan requires certain dates be specified including the date defendants plan on filing any motion to dismiss as well as other key dates to be agreed to and/or ordered by the court. Mullen is aggressively pursuing all remedies available to protect the company and its shareholders. Representatives of the firms representing Mullen, including Christian Attar and Warshaw Burstein, are optimistic that wrongful conduct by the defendants will be exposed and they will be held responsible for all monies they have wrongfully extracted from Mullen and its shareholders. “This case raises certain unique legal issues concerning how broker-dealers manipulate the marketplace and how such manipulation impacts retail investors,” said Warshaw Burstein partner Alan M. Pollack in the press release. “Counsel will diligently work to expose defendants’ wrongdoing in order to protect the rights of Mullen and its shareholders.”
To view the full press release, visit https://ibn.fm/ND09j
About Mullen Automotive Inc.
Mullen Automotive 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; the Mullen I-GO Commercial Urban Delivery EV; the 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 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.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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