Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has filed a spoofing complaint in the U.S. District Court for the Southern District of New York. The complaint, filed on Dec. 6, 2023, alleges that UBS Securities LLC, IMC Financial Markets and Clear Street Markets LLC engaged in a scheme using spoofing to manipulate the market price of Mullen shares. The company noted that the claim for the spoofing litigation is attached to the company’s Form 8-K, which it filed this week with the Securities and Exchange Commission (“SEC”). According to the announcement, Mullen believes that the spoofing litigation provides greater potential to recover damages based on the nature of the claims and the duration of the two-year period when the spoofing allegedly occurred. In addition, Mullen has dismissed the lawsuit it had filed in August in the U.S. District Court for the Southern District of New York; the litigation alleged that certain broker-dealers were attempting to manipulate the share price of the company’s securities focusing on short-selling claims. “My focus continues to provide transparency and to protect the long-term value for our company and our stockholders,” said Mullen CEO and chair David Michery in the press release. “We believe that the spoofing litigation provides the best opportunity to sustain our claims as well as recover damages based on the defendant’s market manipulation.”
To view the full press release, visit https://ibn.fm/gDeu8
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-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.
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