Mullen Automotive, Inc. f/k/a Net Element, Inc. Investors with Substantial Losses Have Opportunity to Lead the Mullen Automotive Class


SAN DIEGO–(Enterprise WIRE)–Robbins Geller Rudman & Dowd LLP announces that purchasers of Mullen Automotive, Inc. f/k/a Net Factor, Inc. (NASDAQ: MULN) securities concerning June 15, 2020 and April 6, 2022, inclusive (the “Class Period”) have until eventually July 5, 2022 to request appointment as lead plaintiff in Schaub v. Mullen Automotive, Inc. f/k/a Internet Ingredient, Inc., No. 22-cv-03026 (C.D. Cal.). Commenced on May perhaps 5, 2022, the Mullen Automotive class motion lawsuit charges Mullen Automotive and sure of its prime government officers with violations of the Securities Trade Act of 1934.

If you endured considerable losses and would like to serve as lead plaintiff of the Mullen Automotive class motion lawsuit, please offer your facts by clicking below. You can also speak to lawyer J.C. Sanchez of Robbins Geller by calling 800/449-4900 or through e-mail at [email protected]. Direct plaintiff motions for the Mullen Automotive class motion lawsuit must be submitted with the court no later than July 5, 2022.

Situation ALLEGATIONS: Mullen Automotive purports to be an digital auto (“EV”) company. On November 5, 2021, Mullen Technologies, Inc. underwent a merger with and into Internet Aspect, Inc. and altered its identify to Mullen Automotive, Inc. In saying its merger, Mullen Automotive represented that it “expect[ed] to launch the Dragonfly K50, a luxurious sports activities motor vehicle, in the very first fifty percent of 2021 through ICI (Independent Professional Importers).” Prior to the merger, Mullen Automotive’s shares traded less than the ticker image NETE.

The Mullen Automotive class motion lawsuit alleges that defendants designed untrue and/or deceptive statements and/or failed to disclose that: (i) Mullen Automotive overstated its skill and timeline about output (ii) Mullen Automotive overstated its discounts with enterprise associates, including Qiantu Motor (iii) Mullen Automotive overstated its battery technological innovation and abilities (iv) Mullen Automotive overstated its capability to sell its branded solutions (v) Net Aspect did not carry out right thanks diligence into Mullen Systems (vi) the Dragonfly K50 was not (only) delayed due to the COVID-19 pandemic and (vii) as a final result, defendants’ general public statements were materially phony and/or deceptive at all suitable instances.

On April 6, 2022, market place analyst Hindenburg Investigation produced a report entitled “Mullen Automotive: Nevertheless Yet another Fast Speaking EV Hustle.” The Hindenburg Analysis report said, amid other issues, that: (i) “Mullen [Automotive] statements its previous pizza motor vehicle manufacturing facility in Mississippi is stocked with point out-of-the-artwork products and machinery, but images and online video of the facility demonstrate it has confined equipment” and that although Mullen Automotive’s “website characteristics 1 picture of superior production equipment,” an on-line lookup exhibits that “it was a inventory picture which seems to have been acquired from Adobe stock images” (ii) “[i]n 2019, the Mullen DragonFly was disclosed as a supercar built by Chinese maker Qiantu Motors and was intended to be rebranded and marketed by Mullen [Automotive] starting up in 2020,” but “[f]ollowing the reveal, Mullen [Automotive] right away defaulted on its payment obligations to Qiantu, primary to termination of the arrangement in October 2019” and nonetheless Mullen Automotive “continued to sector the automobile as its own” (iii) “[d]espite only spending ~$3 million in R&D in 2021, Mullen [Automotive] claims its reliable-condition battery engineering is on observe for commercialization in 18 to 24 months, placing it [a]head of each individual key engineering and automaker in the marketplace who have collectively invested billions on solving the issue,” leading Hindenburg Exploration to conclude that “[w]e feel Mullen [Automotive] has severely and consistently misled buyers on its claimed battery technology” and (iv) “[g]iven that Mullen [Automotive] has no apparent [U.S. Environmental Protection Agency] certificates, no evident [Federal Motor Vehicle Safety Standards] testing and no apparent sufficiently staffed manufacturing facility, we estimate that [Mullen Automotive] is a long time absent from ever offering a motor vehicle need to it basically take authentic actions to do so.” On this information, Mullen Automotive’s stock price fell by approximately 10%, harming buyers.

THE Direct PLAINTIFF Method: The Non-public Securities Litigation Reform Act of 1995 permits any investor who obtained Mullen Automotive securities in the course of the Course Period of time to seek appointment as guide plaintiff in the Mullen Automotive class motion lawsuit. A direct plaintiff is commonly the movant with the best economical interest in the aid sought by the putative course who is also common and enough of the putative class. A lead plaintiff functions on behalf of all other class members in directing the Mullen Automotive class action lawsuit. The lead plaintiff can pick a legislation business of its alternative to litigate the Mullen Automotive class action lawsuit. An investor’s capability to share in any possible potential recovery of the Mullen Automotive course action lawsuit is not dependent on serving as direct plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is just one of the world’s leading advanced course action firms symbolizing plaintiffs in securities fraud conditions. The Firm is ranked #1 on the 2021 ISS Securities Course Motion Companies Major 50 Report for recovering just about $2 billion for buyers last yr by itself – additional than triple the quantity recovered by any other plaintiffs’ business. With 200 attorneys in 9 places of work, Robbins Geller’s lawyers have acquired several of the premier securities class action recoveries in record, like the greatest securities class action restoration at any time – $7.2 billion – in In re Enron Corp. Sec. Litig. Please take a look at for extra data.

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Robbins Geller Rudman & Dowd LLP

655 W. Broadway, San Diego, CA 92101

J.C. Sanchez, 800-449-4900

[email protected]

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