Legal action alleges stock manipulation and unlawful stock trading practices
BREA, Calif., Oct. 23, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today an update on the lawsuit the Company filed on Aug. 29, 2023, in the United States District Court (“Court”), in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that those broker dealers engaged in a scheme to manipulate the share price of the Company’s securities. The 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.
On Oct. 19, 2023, Judge Analisa Torres issued an order that directed the parties as follows:
- Plaintiff shall file its amended complaint by Nov. 30, 2023;
- The parties shall jointly file their case management plan by Dec. 15, 2023;
As a part of the case management plan, the defendants will be required to file their motion to dismiss by a date certain, other key dates for both sides will be agreed to and/or ordered by the Court. This should expedite the Court’s ruling on defendants’ motion to dismiss. Assuming a favorable ruling for plaintiff, discovery will commence thereafter.
Wes Christian, a partner in the firm of Christian Attar, a prominent and respected attorney in this groundbreaking legal field, said: "We are optimistic that we will expose the wrongful conduct of the Defendants and obtain an award holding them responsible for every dollar they have wrongfully extracted from Mullen and its shareholders either from Settlement or Judgment. We intend to move this case forward as rapidly as possible."
Alan M. Pollack, a partner in the firm of Warshaw Burstein, who also represents Mullen, said: “This case raises certain unique legal issues concerning how broker-dealers manipulate the marketplace and how such manipulation impacts retail investors. Counsel will diligently work to expose defendants’ wrongdoing in order to protect the rights of Mullen and its shareholders.”
“We are aggressively pursuing all remedies available to us to protect the company and our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen 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.
Certain 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.
Mullen Automotive, Inc.
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