Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Mullen Automotive, Inc. f/k/a Net Element, Inc. (MULN)
Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming July 5, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Mullen Automotive, Inc. f/k/a Net Element, Inc. ("Mullen" or the "Company") (NASDAQ: MULN) securities between June 15, 2020 and April 6, 2022, inclusive (the "Class Period").
If you suffered a loss on your Mullen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/mullen-automotive-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On April 6, 2022, Hindenburg Research published a report alleging, among other things, that Mullen misrepresented results of certain battery testing. Furthermore, the report claied that a 2020 joint venture to manufacture Mullen's battery technology "didn't exist at all" and was "an apparent fabrication."
On this news, Mullen's stock fell $0.34, or 12.5%, over two consecutive trading sessions to close at $2.38 per share on April 7, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Mullen overstated its ability and timeline regarding production; (2) Mullen overstated its deals with business partners, including Qiantu Motors; (3) Mullen overstated its battery technology and capabilities; (4) Mullen overstated its ability to sell its branded products; (5) Net Element did not conduct proper due diligence into Mullen Technologies; (6) the Dragonfly K50 was not (solely) delayed due to the COVID-19 pandemic; and (7) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Mullen securities during the Class Period, you may move the Court no later than July 5, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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