Mullen Automotive Investors Urged to Participate in Securities Fraud Class Action Suit

Investors Turn Towards Class Action Against Mullen Automotive

Mullen Automotive, currently known as Mullen Automotive, Inc. (previously Net Element, Inc.), finds itself at the center of serious allegations involving securities fraud. The Rosen Law Firm, which specializes in investor rights, has recently urged those who invested in Mullen's securities between February 3, 2023, and March 13, 2024, to consider joining a class action lawsuit. This initiative follows the discovery of misleading statements made by Mullen that allegedly inflated investor confidence while masking the company's actual circumstances.

Key Dates and Details of the Class Action

Potential plaintiffs have until April 14, 2025, to come forward if they wish to serve as lead plaintiffs in this legal action. A lead plaintiff is someone who takes on a representative role for other investors within the class, directing the case forward. Importantly, investors can expect to join this legal endeavor without incurring any upfront costs, thanks to a contingency fee arrangement.

To participate, individuals can visit the designated Rosen Law Firm website or reach out to attorney Phillip Kim via phone or email for assistance and further information.

Allegations Against Mullen Automotive

The class action lawsuit highlights several critical allegations against Mullen and its executives. According to the claims, throughout the class period, misleading information was presented to investors, including but not limited to:
1. The lack of intention behind a reverse stock split, despite internal acknowledgment that it was both imminent and necessary for company stability.
2. Overstated partnerships and agreements with various stakeholders such as Rapid Response Defense Systems (RRDS) and Mullen Advanced Energy Operations, LLC (MAEO).
3. Exaggeration of its technological capabilities, particularly in the realm of battery technology.
4. Misleading representations about reverse stock split plans that were disclosed selectively.
5. The failure to inform investors about past convictions related to the company's CEO, David Michery, and his connections to harmful financial practices.
6. Keeping essential financing agreements details hidden from potential investors.

The lawsuit asserts that the public statements made by Mullen were materially false or misleading throughout. As the truth began to surface, many investors reported suffering significant financial losses as a result.

Choosing The Right Legal Representation

The Rosen Law Firm highlights the importance of selecting a law firm with a proven track record in handling securities fraud cases. Many firms may advertise their services but lack the necessary experience and commitment to litigation, often serving merely as intermediaries. It is crucial for investors to choose counsel that demonstrates capacity in effectively representing their interests in such matters. The Rosen Law Firm has gained substantial recognition, achieving remarkable settlements in similar domains, reinforcing its position as a leader in securities class actions.

In 2020, founding partner Laurence Rosen was prominently recognized as a Titan of the Plaintiffs' Bar by Law360, cementing the firm's stature as a formidable force in the legal landscape.

Next Steps for Investors

As potential members of the plaintiff class, investors who feel affected by the alleged misconduct of Mullen Automotive are encouraged not only to explore participation but also to maintain an active awareness of the lawsuit developments. While no class has currently been certified, individuals may still elect to either appoint their own attorney or await further updates from the Rosen Law Firm. Joining the suit could allow shareholders to recoup losses if the class action proceeds successfully.

Stay informed by following the Rosen Law Firm on social media platforms like LinkedIn and Twitter for the latest updates on this impending lawsuit and implications it may have for current Mullen shareholders. With mounting allegations and a deadline looming, this may be a pivotal moment for stakeholders in Mullen Automotive, Inc.