Mullen Automotive, Inc. Securities Fraud Investigation
Our securities attorneys are investigating reports that Mullen Automotive, Inc. formerly known as Net Element, Inc. may have made false and misleading statements to investors concerning Mullen’s production and technology capabilities.
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More Details on the Mullen Automotive, Inc. Investigation
Mullen Automotive is an electric vehicle manufacturer founded in 2018 that has purported to revolutionize the electric vehicle market with multiple offerings including a luxury SUV, a Sportscar, Cargo Vans, and its solid-state battery technology. On June 15, 2020, Mullen announced its intention to go public via reverse merger with Net Element, Inc. Mullen began publicly trading on November 5, 2021. Following its IPO, Mullen made a series of public claims about the development the company’s battery technology and its near term production of its EV vans.
On April 6, 2022, market analyst Hindenburg Research released a report regarding the company titled, “Mullen Automotive: Yet Another Fast Talking EV Hustle”. The Hindenburg report sheds light on Mullen’s various claims on production ability and battery technology that may have been misleading. Also stating how the “company’s stock has spiked ~316% in the past couple of months driven by retail investor euphoria over bold claims of ground-breaking technology, near term production of its EV vans, and a major as-yet-unnamed Fortune 500 customer. On the release of the Hindenburg report, Mullen’s stock price fell $0.27 per share, or 10%, to close at $2.38 per share on April 7, 2022.
Did you purchase Mullen Automotive, Inc.’s common stock?
You may have a legal claim. Speak to an investment fraud attorney about your rights by calling 1.866.981.4800 or filling out the form at the top of the page.
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