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Posted On: 03/31/2025 4:05:41 PM
Post# of 1075
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Defeats Motion to Dismiss in Spoofing Lawsuit
Mullen Automotive (NASDAQ: MULN), an electric vehicle manufacturer, announced a key legal victory after a federal court denied a motion to dismiss its spoofing lawsuit against IMC Financial Markets, Clear Street Markets LLC, UBS Securities LLC, and others. The lawsuit alleges that defendants used high-frequency algorithmic trading tactics—including “Baiting Orders”—to manipulate Mullen’s stock price between Nov. 2021 and Nov. 2023. The court found sufficient evidence that defendants placed and canceled large volumes of sell orders to artificially depress prices, harming Mullen and its shareholders. The case will now proceed to discovery.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an electric vehicle manufacturer, announced a key legal victory after a federal court denied a motion to dismiss its spoofing lawsuit against IMC Financial Markets, Clear Street Markets LLC, UBS Securities LLC, and others. The lawsuit alleges that defendants used high-frequency algorithmic trading tactics—including “Baiting Orders”—to manipulate Mullen’s stock price between Nov. 2021 and Nov. 2023. The court found sufficient evidence that defendants placed and canceled large volumes of sell orders to artificially depress prices, harming Mullen and its shareholders. The case will now proceed to discovery.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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