Mullen Automotive (NASDAQ:MULN) has filed a lawsuit against Intersection Media Group, doing business as dot.LA and a reporter for ‘damages sustained from a false article’.
The official press release stated that the company “filed a civil complaint for defamation in the Superior Court of Delaware today alleging that on March 22, 2023, dot.LA published an article on its website authored by David Shultz that contained false and defamatory statements regarding Mullen, including false and defamatory statements regarding the terms of a settlement agreement of a civil action.”
McDermott Will & Emery LLP, a leading international law firm, has been retained to represent the Company in the lawsuit.
The media group said in January that Mullen Automotive had approved a reverse stock split when the company only proposed it.
In February, the Media Group alleged Mullen Automotive of being a ‘scheme’ company.
Mullen Automotive’s lawsuit against this media group has certain investors questioning why the company isn’t taking legal action against naked shorts instead.
The company has shown several signs of being a target to the predatorial short selling strategy — primarily through the rising number of FTDs and suppressed share prices in spite of positive developments.
Is the media responsible for this?
One thing is certain, big short sellers own majority of Mullen Automotive stock.
MULN Stock News Today
Mullen Automotive has until March 31st to deliver its 6,000 Class 1 cargo van EVs to Randy Marion Automotive Group.
Last week, CEO David Michery made addressed shareholders in a formal report confirming the delivery of 6,000 EVs to RMA, valued at $200 million.
At first, the rumors of the $200 million purchase order seemed to hold very little weight but the CEO confirmed that the delivery would take place by the end of March, leaving only a few days for the deadline.
“Mullen anticipates making Class 1 EV deliveries to various commercial customers before the end of March 2023 in connection with the customer orders referenced below,” said the report.
CEO David Michery seems rather confident of the company’s lineup this year, particularly in the Class 1 and Class 3, despite falling share prices.
“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.
“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
Related: MULN Stock Continues to Drop Despite Positive Developments
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AMC should follow suit.
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I would recommend anyone with a 401k or retirement account to make sure you are not invested in stock market. This country was built on freedoms and transparency to build a strong Democracy. Don’t let short borrowers ruin your retirement. Let’s force ethics back and let competition rule.