MULN, NETE); The deadline for the lead applicant is July 5, 2022
PHILADELPHIA CREAM, June 10, 2022 /PRNewswire/ — Shepherd Montague investigating allegations of securities fraud on behalf of investors who purchased Mullen Automotive, Inc. (“Mullen” or the “Company”) (NASDAQ: MULN, NETE) securities between June 15, 2020 and April 6, 2022 (the “Class Period”).
If you purchased Mullen’s securities during the Class Period, would like to discuss At Berger Montague investigation, or if you have any questions regarding your rights or interests, please contact the lawyers Andre Abramowitz at [email protected] or (215) 875-3015, or Michael Dell‘Angelo to [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 help confidentially. At Berger Montague survey 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 claims to be an electronic vehicle manufacturer. On November 5, 2021, Mullen Technologies, Inc. merged with and into Net Element, Inc., and the company changed its name to Mullen Automotive, Inc.
The Complaint alleges that throughout the Class Period, the 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 overestimated its production capacity and schedule; (2) Mullen exaggerated his agreements with business partners; and (3) Mullen overestimates its battery technology and capabilities.
On April 6, 2022, market analyst Hindenburg Research released a report detailing 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.
Shepherd Montaguewith offices at philadelphia cream, Minneapolis, washington d.c.and San Diegohas been a pioneer in securities class actions since its founding in 1970. Shepherd Montague has represented individual and institutional investors for over five decades and acts as lead counsel before courts across United States.
Andre Abramowitzsenior counsel
Michael Dell‘Angelo, executive shareholder
THE SOURCE Shepherd Montague