SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Mullen Automotive, Inc. – MULN
May 24, 2022
Pomerantz LLP is investigating claims on behalf of investors of Mullen Automotive, Inc.. Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Mullen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 6, 2022, Hindenburg Research (“Hindenburg”) published a report addressing Mullen, entitled “Mullen Automotive: Yet Another Fast Talking EV Hustle”, calling the Company among the worst electric vehicle (“EV”) hustles that Hindenburg has seen in a crowded field of contenders such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that “[d]espite only spending ~$3 million in R&D in 2021, 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.” The Hindenburg report also alleged that the Chief Executive Officer of EV Grid, Inc. (“EV Grid”), which makes batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding test results for its battery, stating “[w]e never would have said that” and “[w]e never did say it and certainly wouldn’t have said it based on the results of testing that battery.” Additionally, the Hindenburg report alleged that Mullen’s claims to be in a joint venture with NextMetals Ltd. (“NextMetals”) to create a solid-state battery were refuted by a NextMetals senior executive who said it “‘was a nonstarter’ and ‘didn’t exist.’”
On this news, Mullen’s stock price fell $0.07 per share, or 2.57%, to close at $2.65 per share on April 6, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980