#United States #New York #Securities Fraud #Pomerantz Law #Mullen Automotive

Overview of the Lawsuit

On March 11, 2025, the Pomerantz Law Firm announced the commencement of a class action lawsuit against Mullen Automotive, Inc., a company listed on NASDAQ under the ticker MULN. This lawsuit is directed at investors who experienced losses due to alleged securities fraud and deceptive business practices by Mullen and certain members of its executive leadership.

Background on Mullen Automotive

Founded with innovative ambitions in the automotive sector, Mullen Automotive, Inc. focuses on electric vehicle technology and manufacturing. However, the company has faced scrutiny as its public statements regarding partnerships and technological capabilities have come into question.

Allegations Against Mullen

The class action complaint outlines several significant allegations against Mullen and its executives:
1. Imminent Reverse Stock Split: The lawsuit asserts that Mullen's management had intentions of implementing a reverse stock split while misleading investors by failing to disclose these plans.
2. Overstated Partnerships: The firm claimed that Mullen exaggerated its arrangements with business entities such as Rapid Response Defense Systems and Mullen Advanced Energy Operations, LLC.
3. Battery Technology Misrepresentation: Mullen allegedly overstated its advancements and partnerships concerning battery technology, potentially deceiving investors regarding its competitive positioning.
4. Market Misleading: The company also faced accusations of misrepresenting information concerning its reverse stock split practices which were not appropriately disclosed.
5. Financial Criminals Ties: There are claims that Mullen’s leadership, including CEO David Michery, failed to inform investors that a key partner was previously convicted of financial crimes.
6. Incomplete Information on Financing: Material facts concerning Mullen's financing agreements were allegedly not disclosed to investors, further exacerbating the circumstances.

Impact on Investors

As a result of these alleged misrepresentations, investors are reported to have suffered significant financial losses. The class action aims to address these grievances by seeking damages for the affected parties.

Important Dates and Actions for Investors

Investors who purchased or acquired Mullen securities during the class period are encouraged to assess their legal standing. Notably, the deadline to request approval as a Lead Plaintiff in this action is April 14, 2025. Interested parties can obtain additional details, including a copy of the complaint, by visiting the Pomerantz Law Firm's website.

Contact Information

For further assistance, investors are invited to contact Pomerantz LLP through Danielle Peyton at danielle.payton@pomerantzlaw.com or via telephone at 646-581-9980. Prospective class members who seek more details are advised to include their mailing address, phone number, and the number of shares they acquired when reaching out.

About Pomerantz Law Firm

Pomerantz Law Firm is regarded as one of the top firms specializing in corporate, securities, and antitrust class litigation. With over 85 years of experience, they have established a robust reputation for advocating on behalf of victims of corporate misconduct. Given their history of recoveries for class members, they remain a significant player in securities class actions.

In conclusion, investors affected by Mullen Automotive's alleged actions have an opportunity to seek restitution through this class action. Staying informed about deadlines and maintaining communication with legal counsel can be crucial to navigating this unfolding situation. This situation serves as a reminder of the importance of transparency and accountability within the rapidly evolving automotive industry.