Important Information for Investors: Rosen Law Firm Reminds Purchasers of Mullen Automotive Securities
NEW YORK, March 05, 2025
Rosen Law Firm, a global investor rights law firm, alerts purchasers of Mullen Automotive, Inc. (NASDAQ: MULN, formerly known as Net Element, Inc. – NETE) securities between February 3, 2023, and March 13, 2024 (the “Class Period”), to take note of the upcoming April 14, 2025, lead plaintiff deadline. The lawsuit alleges that Mullen Automotive and certain of its executives and directors made false and misleading statements and/or failed to disclose material information.
Background on Mullen Automotive
Mullen Automotive is a California-based company that focuses on designing, manufacturing, and selling electric vehicles (EVs). The company’s primary product is the Mullen FIVE electric SUV, which was introduced in 2023. Mullen Automotive went public through a reverse merger with Net Element, Inc., and its common stock began trading on the NASDAQ under the symbol “MULN” in February 2023.
The Allegations
The class action lawsuit alleges that Mullen Automotive and its executives made false and misleading statements regarding the company’s business, operations, and financial condition. Specifically, the complaint alleges that the defendants failed to disclose:
- Deficiencies in the design and production of the Mullen FIVE electric SUV, including problems with the battery management system and charging infrastructure;
- Delays in the production and delivery of the Mullen FIVE;
- Inadequate financial reporting;
- Lack of revenue from the sale of the Mullen FIVE;
As a result of these alleged false and misleading statements, Mullen Automotive’s stock price was artificially inflated during the Class Period.
Impact on Individual Investors
If you purchased Mullen Automotive securities during the Class Period and suffered losses as a result, you may be eligible to join the class action lawsuit against Mullen Automotive and its executives. Investors who wish to serve as lead plaintiff have until April 14, 2025, to apply for appointment. The lead plaintiff is the investor who first files a lawsuit against the company and represents the interests of the class.
Impact on the World
The allegations against Mullen Automotive raise concerns about the electric vehicle industry as a whole. If the allegations are proven true, it could deter investors from investing in other electric vehicle companies, potentially slowing down the industry’s growth. Moreover, it could lead to increased regulatory scrutiny of companies in the sector, potentially delaying the adoption of electric vehicles as a viable alternative to traditional internal combustion engine vehicles.
Conclusion
The Rosen Law Firm’s announcement serves as a reminder to investors to carefully consider their investments and to be aware of the potential risks involved. The allegations against Mullen Automotive highlight the importance of accurate and transparent financial reporting, particularly in the rapidly growing electric vehicle industry. If you purchased Mullen Automotive securities during the Class Period and suffered losses, you may be eligible to join the class action lawsuit. For more information, contact the Rosen Law Firm.
*This article is not intended to provide legal advice or to serve as a substitute for legal advice. Please consult with an attorney for advice regarding your specific situation.
