#United States #New York #Rosen Law Firm #Mullen Automotive #Net Element

Overview of Mullen Automotive's Securities Fraud Case

In a notable development for investors, the Rosen Law Firm, a prominent global investor rights law firm, has called attention to an ongoing securities fraud lawsuit against Mullen Automotive, Inc., which was previously known as Net Element, Inc. This lawsuit affects all individuals who purchased securities of Mullen Automotive during the class period from February 3, 2023, to March 13, 2024. The law firm is urging eligible investors to consider participating in the class action, highlighting the importance of the lead plaintiff deadline on April 14, 2025.

What This Means for Investors

If you bought Mullen securities within the specified class period, you might have the right to seek compensation without incurring any out-of-pocket expenses, thanks to a contingency fee arrangement offered by Rosen Law Firm. Joining this class action could provide a pathway for recovering losses resulting from alleged deceptive practices carried out by the company's management.

How to Join the Class Action

To become involved in the class action, interested investors can visit the official form submission page here or reach out directly to attorney Phillip Kim via toll-free at 866-767-3653. You can also email info@rosenlegal.com to ask for more information. It’s important to act promptly, as you must file to serve as a lead plaintiff within the designated timeframe.

Key Allegations in the Lawsuit

The nature of the allegations against Mullen Automotive is multifaceted, focusing on a range of issues surrounding misleading communications to investors. These key points outline the basis of the claims:

• - Intent of Reverse Stock Split: Documents show that during the class period, Mullen executives, including CEO David Michery, were aware of the necessity for a reverse stock split but failed to disclose this information to shareholders.
• - Overstated Business Deals: The lawsuit alleges that Mullen exaggerated its agreements with partners like Rapid Response Defense Systems and Mullen Advanced Energy Operations.
• - Battery Technology Misrepresentation: Claims suggest that Mullen misrepresented its technological capabilities concerning battery development and partnerships.
• - Previous Criminal Convictions: There are accusations that Michery failed to disclose material facts regarding his business partner’s prior convictions, which could have influenced investor decisions.
• - Failure to Disclose Financial Information: The lack of transparency regarding financing agreements is also a critical concern in the accusations.

These conditions led to public statements from Mullen being classified as materially false and misleading, resulting in financial losses for the investors when the true facts became public.

Why Choose Rosen Law Firm?

The Rosen Law Firm has a solid reputation in the legal community, particularly concerning securities class actions. The firm boasts a commendable record, having been ranked consistently among the top firms recognized by ISS Securities Class Action Services. With a focus on defending investors, Rosen Law has successfully recovered hundreds of millions of dollars since its inception. They encourage individuals considering joining the class action to seek legal representation from firms experienced in such matters, to ensure effective advocacy.

Conclusion

Given the potential ramifications for investors who purchased Mullen Automotive securities, it is absolutely critical that those affected consider the opportunity to join the class action lawsuit. With the lead plaintiff deadline looming on April 14, 2025, prompt action is essential. Whether you choose to be a lead plaintiff or simply wish to receive updates, taking part in this class action could be pivotal for your financial recovery amidst the unfolding legal landscape.

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