#United States #New York #Pomerantz LLP #class action suit #Mullen Automotive

Investor Alert: Class Action Lawsuit Against Mullen Automotive

The Pomerantz Law Firm has issued a warning to investors affected by recent developments involving Mullen Automotive, Inc. On March 3, 2025, Pomerantz announced that it has initiated a class action lawsuit against the company, which trades on NASDAQ under the ticker symbol MULN. Investors who believe they have incurred losses during the class period are encouraged to contact the firm's attorney, Danielle Peyton, for further assistance.

The lawsuit raises serious allegations regarding Mullen's business practices, suggesting that the company and its leadership may have engaged in securities fraud. Key points outlined in the complaint include claims that Mullen misled investors about the status of its operations and intentions for a reverse stock split, prior agreements with partners, and the efficacy of its battery technology. These allegations suggest that material information was concealed from investors, leading to misleading public statements about the company's performance.

Key Allegations Against Mullen Automotive

1. Intentions Regarding Reverse Stock Split: Mullen reportedly did not disclose its imminent plans for a reverse stock split, which it internally acknowledged as necessary.
2. Overstated Partnerships: The complaint asserts that Mullen exaggerated its relationships with partners, including stating their operations were more successful than they actually were.
3. False Claims about Technology: Claims regarding Mullen's battery technology and capabilities were allegedly overstated, misrepresenting the company's position in the competitive landscape.
4. Lack of Disclosure on Material Financing Information: Investors were reportedly not informed about critical details concerning Mullen's financing agreements, which could affect the company’s financial health.
5. Prior Conviction of Partner: The lawsuit points out that Mullen's CEO and other senior executives should have been aware of the past financial crimes of the founder of Global EV Technology Inc., a partner in a key venture.

Implications for Investors

Investors who purchased Mullen securities during this period have only until April 14, 2025, to formally request the Court to appoint themselves as Lead Plaintiffs in the action. This is a critical step that affected investors must take to represent their interests in this collective legal action. A copy of the lawsuit can be accessed from Pomerantz's website, providing further insights into the allegations.

Pomerantz LLP, distinguished in the field of corporate, securities, and antitrust class action litigation, has a long history of safeguarding the interests of individuals and investors who have suffered due to corporate malfeasance. The firm has acquired numerous substantial settlements over its 85-year history and continues to operate with a commitment to transparency and justice in the securities world.

Conclusion

With numerous allegations emerging against Mullen Automotive, investors are urged to remain vigilant and proactive. Reporting any potential misconduct or discrepancies is vital to holding corporate entities accountable. For those affected by Mullen's actions, reaching out to Pomerantz LLP may yield constructive legal avenues for recovery.

For more information, interested parties should contact Danielle Peyton via email at danielle.p@pomerantzlaw.com or call 646-581-9980, extension 7980. Having accurate and substantial insights into Mullen’s actions could be pivotal for investor protection and potential reparations.