Securities Fraud Investigation: Mullen Automotive
MULLEN AUTOMOTIVE, INC. Company News: Berger Montague Investigates Securities Fraud Allegations Against Mullen Automotive, Inc. (NASDAQ: MULN, NETE); Lead Plaintiff Deadline is July 5, 2022
PHILADELPHIA, June 8, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities Mullen Automotive, Inc. (“Mullen” or the “Company”) (NASDAQ: MULN, NETE) between June 15, 2020 and April 6, 2022 (the “Class Period”).
If you purchased the securities of Mullen during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/mullen-automotive/
Whistleblowers: Anyone with non-public information regarding Mullen is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Mullen purports to be an electronic vehicle manufacturer. On November 5, 2021, Mullen Technologies, Inc. underwent a merger with and into Net Element, Inc., and the Company changed its name to Mullen Automotive, Inc.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that, among other things: (1) Mullen overstated its ability and timeline regarding production; (2) Mullen overstated its deals with business partners; and (3) Mullen overstates its battery technology and capabilities.
On April 6, 2022, market analyst Hindenburg Research released a report regarding which detailed several alleged issues with the Company. On this news, Mullen’s stock price fell $0.27 per share, or 10%, to close at $2.38 per share on April 7, 2022.