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Mullen Automotive Class Action Lawsuit MULN | Deadline July 5, 2022
Mullen Automotive Class Action Lawsuit
Mullen Automotive, Inc. f/k/a Net Element, Inc. is facing a class action lawsuit (Mullen Automotive Class Action Lawsuit) alleging that the Company made materially false and/or misleading statements and/or failed to disclose that:
(1) Mullen overstates its ability and timeline regarding production; (2) Mullen overstates its deals with business partners, including Qiantu; (3) Mullen overstates its battery technology and capabilities; (4) Mullen overstates its ability to sell its branded products; (5) Net Element did not conduct proper due diligence into Mullen Technologies; (6) the Dragonfly K50, a luxury sports car, was not (solely) delayed due to the COVID-19 pandemic; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
If you incurred a loss on MULN stocks purchased between June 15, 2020 and April 6, 2022, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Central District of California, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until July 5, 2022 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
Mullen Automotive Class Action
A class action lawsuit has been filed against Mullen Automotive, Inc. (“Mullen” or the “Company”) (NASDAQ: MULN) in the United States District Court for the Central District of California on behalf of all individuals and entities who bought or otherwise acquired Mullen securities between June 15, 2020 and April 6, 2022, inclusive (NEW YORK—(BUSINESS WIRE)—Bragar Eagel & Squire, P.C., a nationally renowned stockholder rights law Investors have until July 5, 2022, to ask the court to name them as the case’s lead plaintiff.
Mullen Automotive Lawsuit
The lawsuit claims that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that Mullen overstates its production ability and timeline; (2) that Mullen overstates its business partnerships, including those with Qiantu Motors; (3) that Mullen overstates its battery technology and capabilities; (4) that Mullen overstates its ability to sell its branded products; and (5) that Net Element did not properly investigate Mullen T. Investors allegedly experienced losses when the real information hit the market.
MULN Class Action Lawsuit
In a report titled “Mullen Automotive: Yet Another Fast Talking EV Hustle” published on April 6, 2022, Hindenburg Research (“Hindenburg”) criticized Mullen as one of the worst electric vehicle (“EV”) hustles it had ever encountered among a crowded field of competitors that included Nikola Corporation and Lordstown Motors Corp. Hindenburg pointed out, among other things, that 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” despite only spending “about $3 million in R&D in 2021.”
MULN Class Action
The maker of electronic vehicles (EVs), Mullen Automotive, claims to be. Mullen Technologies, Inc. changed its name to Mullen Automotive, Inc. on November 5, 2021, after merging with and into Net Element, Inc. Prior to the merger, Mullen Automotive’s shares were traded under the ticker code NETE. In announcing its merger, Mullen Automotive stated that it “expect[ed] to introduce the Dragonfly K50, a luxury sports car, in the first half of 2021 through ICI (Independent Commercial Importers).”
Any investor who bought Mullen Automotive securities during the Class Period is eligible to apply for appointment as lead plaintiff under the Private Securities Litigation Reform Act of 1995. A lead plaintiff is typically the petitioner who has the largest financial stake in the remedy the putative class is seeking and who is also representative and sufficient of the putative class. The Mullen Automotive class action case is being managed by a lead plaintiff on behalf of all other class participants. The Mullen Automotive class action case may be handled by any law firm chosen by the lead plaintiff. Serving as lead plaintiff in the Mullen Automotive class action lawsuit is not a requirement for an investor to be eligible to partake in any future settlements.
Manufacturer of electrical vehicles (EVs) in the development stage is Mullen Automotive, Inc. Offering electric vehicle (EV) options made in the US is the company’s business. The Company engages in a number of business sectors with a primary concentration on the automotive sector. The company owns a number of complementary businesses, including Mullen Energy, which is devoted to developing battery technology and emergency point-of-care solutions, and CarHub, a digital platform that uses artificial intelligence (AI) to provide an interactive solution for buying, selling, and owning a car. It is Mullen FIVE in development. The Mullen FIVE is a mid-size sport utility vehicle that is entirely electric (SUV). The company is also working on the Mullen DragonFLY, an electric sports car with great performance. With a sustainable, commercial EV alternative that can be tailored for a range of use cases, it is expanding businesses across the US. Bollinger Motors, Inc. is of interest to the company.
Mullen Automotive, Inc. Class Action Lawsuit
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