Mullen Files Lawsuit Against Large Stock Brokerage Firms, Including TD Ameritrade, Charles Schwab, National Finance Services and Others
August 29 2023 - 11:31AM
via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today that the Company has filed a lawsuit in the United
States District Court, in the Southern District of New York,
against TD Ameritrade, Charles Schwab, National Finance Services
and others alleging that these broker dealers engaged in a scheme
to manipulate the share price of the Company’s securities. This
lawsuit seeks compensatory damages and injunctive relief from
Defendants arising from their unlawful conduct in violation of
Section 10b and Rule 10b-5 promulgated thereunder of the Securities
Exchange Act of 1934.
David Michery, CEO and chairman of Mullen stated: “MULN is one
of the largest traded stocks on the NASDAQ and it has seen a
precipitous decline in value despite announcements highlighting
many Company successes. I have been extremely frustrated by the
performance of our stock and long suspected illegal short selling
activities. That is why we engaged Share Intel and the law firms of
Christian Attar and Warshaw Burstein to investigate this matter
further to protect the Company and its loyal shareholder base. I am
hopeful that this lawsuit sends a clear and unequivocal message to
anyone considering any form of illegal trading of Mullen stock. Our
company has a zero-tolerance approach when it comes to manipulative
trading practices. We believe the Company and its shareholders have
been significantly harmed by certain traders and their brokers and
market makers, such as the named Defendants in the lawsuit, that
have facilitated this unlawful conduct. Rest assured we will use
all legal measures at our disposal to stop illegal trading
activities, and to protect the Company and its shareholders.”
Wes Christian, Senior Partner at Christian Attar, commented: “My
law firm and my co-counsel, Alan Pollack, from Warshaw Burstein,
together with our team of experts and analysts are committed to
representing companies like Mullen who are targets of dishonest
broker dealers who employ schemes and devices to manipulate the
share price of their companies’ securities. The Mullen lawsuit
involves concerted efforts by the Defendants to destroy Mullen’s
share price by engaging in an abusive short selling scheme. This
scheme was intended to inject false and misleading information
about Mullen into the market which has caused many shareholders to
sell their investment in Mullen. Like our client, we are committed
to protecting the rights and interests of their shareholders who we
believe have been victimized by unscrupulous broker dealers who
have perpetrated a fraud on the marketplace.”
About MullenMullen Automotive (NASDAQ: MULN) 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, Mullen
I-GO Commercial Urban Delivery EV, 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 of 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.
Forward-Looking StatementsCertain statements in
this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements
contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words
such as “continue,” “will,” “may,” “could,” “should,” “expect,”
“expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,”
“predict,” “potential” and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited to whether Mullen will prevail in the lawsuit or the
future performance of the Company stock. Additional factors that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements can be found
in the most recent annual report on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K filed by Mullen with the
Securities and Exchange Commission. Mullen anticipates that
subsequent events and developments may cause its plans, intentions
and expectations to change. Mullen assumes no obligation, and it
specifically disclaims any intention or obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by law.
Forward-looking statements speak only as of the date they are made
and should not be relied upon as representing Mullen’s plans and
expectations as of any subsequent date.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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