Massive Class Action Lawsuit Filed Against Mullen Automotive Over Securities Fraud Allegations

Overview of the Class Action Lawsuit Against Mullen Automotive

A significant class action lawsuit has recently been initiated by the Rosen Law Firm on behalf of investors who purchased securities of Mullen Automotive, Inc., previously known as Net Element, Inc. This legal action pertains to a specific period from February 3, 2023, to March 13, 2024, which has now been referred to as the "Class Period." The law firm has made it clear that if any investors purchased Mullen securities during this timeframe, they may be eligible for compensation without incurring any upfront costs due to a contingency fee arrangement.

Why the Lawsuit?

The lawsuit points to a series of misleading statements and omissions made by Mullen Automotive and its leadership. According to the allegations, these misrepresentations contributed to significant financial losses for investors when the truth about the company's operations and intentions became known. The Rosen Law Firm is encouraging those interested in becoming lead plaintiffs to submit their applications by April 14, 2025.

Allegations Detailed

The allegations cover several key points:
1. Intent of Reverse Stock Split: The lawsuit alleges that Mullen had no intention to implement a reverse stock split, despite internal discussions indicating otherwise.
2. Partnership Misrepresentation: Statements regarding business deals with Rapid Response Defense Systems and Mullen Advanced Energy Operations were reportedly exaggerated.
3. Battery Technology Capabilities: Claims regarding Mullen's advancements in battery technology and partnerships were allegedly overstated.
4. Financial Omissions: Significant information related to financing agreements was also alleged to be hidden from investors.
5. Criminal Backgrounds: There were claims that the company did not disclose information about key personnel's criminal histories that could impact investor decisions.

Next Steps for Interested Investors

Investors who believe they qualify to be part of this class action lawsuit can find more information on how to join by visiting the Rosen Law Firm's website or contacting them directly. Legal representation of your choice is encouraged, especially given the reputation and proven track record of the Rosen Law Firm in handling securities class actions.

The Importance of Choosing the Right Legal Representation

Rosen Law Firm urges investors to carefully select counsel that has demonstrated success in leadership roles in similar lawsuits. Notably, the firm has achieved record-breaking settlements in the past, solidifying its status within the legal community as a top player in securities litigation.

Conclusion

Investors affected by the actions of Mullen Automotive have a unique opportunity to reclaim their losses through this class action lawsuit. With the deadline for lead plaintiff applications approaching, individuals are encouraged to take immediate action. As the case progresses, updates will be provided by the law firm, further informing participants about their rights and options going forward.

For more detailed updates, individuals can follow the Rosen Law Firm's social media profiles on LinkedIn and Twitter, or visit their official website for comprehensive information on the lawsuit. They are prepared to guide investors throughout the process, ensuring that no party is left without recourse following the unfolding allegations against Mullen Automotive.