Pomerantz Law Firm announces t
NEW YORK, May 12, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Mullen Automotive, Inc. f/k/a Net Element, Inc. (“Mullen” or the “Company”) (NASDAQ: MULN) (NASDAQ: NETE) and some of its leaders. The class action, filed in United States District Court of the Central District of Californiaand registered under number 22-cv-00976, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired publicly traded Mullen securities between June 15, 2020 and April 6, 2022, inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by defendants’ violations of federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased or otherwise acquired Mullen securities during the Class Period, you have until July 5, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
Mullen claims to be an electronic vehicle (“EV”) manufacturer. On November 5, 2021Mullen Technologies, Inc. merged with and into Net Element, Inc., and the company changed its name to Mullen Automotive, Inc..
The Complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, defendants have made false and/or misleading statements and/or failed to disclose that: (1) Mullen overestimates its production capacity and schedule; (2) Mullen exaggerates its agreements with business partners, including Qiantu; (3) Mullen overestimates its battery technology and capabilities; (4) Mullen overestimates its ability to sell its branded products; (5) Net Element failed to conduct a proper due diligence of Mullen Technologies; (6) the Dragonfly K50 was not (solely) delayed due to the COVID-19 pandemic; and (7) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.
On April 6, 2022during trading hours, market analyst Hindenburg Research released a report about the company titled “Mullen Automotive: Yet Another Fast Talking EV Hustle” which details several alleged issues with the company.
At this news, Mullen’s stock price plummeted. $0.27 per share, or 10%, to close at $2.38 per share on April 7, 2022on an unusually high volume of transactions, detrimental to investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. 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 the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP