NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 08/29/2023 4:15:53 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Filing of Lawsuit Against Large Stock Brokerage Firms
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker dealers engaged in a scheme to manipulate the share price of the company’s securities. According to the announcement, the lawsuit seeks compensatory damages and injunctive relief from defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.
“MULN is one of the largest traded stocks on the NASDAQ and it has seen a precipitous decline in value despite announcements highlighting many company successes,” said David Michery, CEO and chairman of Mullen Automotive. “I have been extremely frustrated by the performance of our stock and long suspected illegal short selling activities. That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the company and its loyal shareholder base. I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock. Our company has a zero-tolerance approach when it comes to manipulative trading practices. We believe the company and its shareholders have been significantly harmed by certain traders and their brokers and market makers, such as the named defendants in the lawsuit, that have facilitated this unlawful conduct. Rest assured we will use all legal measures at our disposal to stop illegal trading activities, and to protect the company and its shareholders.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker dealers engaged in a scheme to manipulate the share price of the company’s securities. According to the announcement, the lawsuit seeks compensatory damages and injunctive relief from defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.
“MULN is one of the largest traded stocks on the NASDAQ and it has seen a precipitous decline in value despite announcements highlighting many company successes,” said David Michery, CEO and chairman of Mullen Automotive. “I have been extremely frustrated by the performance of our stock and long suspected illegal short selling activities. That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the company and its loyal shareholder base. I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock. Our company has a zero-tolerance approach when it comes to manipulative trading practices. We believe the company and its shareholders have been significantly harmed by certain traders and their brokers and market makers, such as the named defendants in the lawsuit, that have facilitated this unlawful conduct. Rest assured we will use all legal measures at our disposal to stop illegal trading activities, and to protect the company and its shareholders.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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