Recent Security Class Actions

Mullen Automotive Inc. Common Stock (NASDAQ: MULN)

Company Name:Mullen Automotive Inc. Common Stock
Stock Symbol:NASDAQ: MULN
Class Period Start:06/15/2020
Class Period End (inclusive):04/18/2022

On June 15, 2020, the Company issued a press release announcing a merger with and into Net Element, Inc. On November 5, 2021, Mullen Technologies, Inc. underwent a merger with and into Net Element, Inc., and the Company changed its name to Mullen Automotive, Inc.  The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Mullen overstates its ability and timeline regarding production; (2) Mullen overstates its deals with business partners, including Qiantu Motors; (3) Mullen overstates its battery technology and capabilities; (4) Mullen overstates its ability to sell its branded products; (5) Net Element did not conduct proper due diligence into Mullen Technologies; (6) the Dragonfly K50 was not (solely) delayed due to the COVID-19 pandemic; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.