Mullen Automotive (NASDAQ:MULN) has now filed a new lawsuit against TD Ameritrade and other large stock brokerage firms, the company announced on Tuesday.
The lawsuit was filed 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.
This 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.
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,” said Mullen CEO David Michery.
“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez.
Mullen Automotive stock has been hammered by short sellers despite the company coming out with several positive developments all year, leading investors to believe something much more sinister could be at work here.
Today, the stock is down more than -99% this year-to-date.
Also Read: TD Bank is Now Under Federal Investigation
Comments From Wes Christian
Wes Christian, Senior Partner at Christian Attar, commented:
“My law firm and my co-counsel, Alan Pollack, from Warshaw Burstein, together with our team of experts and analysts, are committed to representing companies like Mullen who are targets of dishonest broker-dealers who employ schemes and devices to manipulate the share price of their companies securities.
The Mullen lawsuit involves concerted efforts by the Defendants to destroy Mullen’s share price by engaging in an abusive short-selling scheme.
This scheme was intended to inject false and misleading information about Mullen into the market, which has caused many shareholders to sell their investments in Mullen.
Like our client, we are committed to protecting the rights and interests of their shareholders who we believe have been victimized by unscrupulous broker-dealers who have perpetrated fraud on the marketplace.”
Investors voted for Mullen CEO David Michery to focus on illegal trading after a poll went live on Twitter last Friday.
Out of nearly 2,500 votes, 58.5% said the focus on illegal trading was most important to them.
The CEO also published the following statement on LinkedIn Thursday morning in regards to illegal trading activity in Mullen Automotive stock:
“With unwavering commitment, I prioritize the well-being of my shareholders and our company. We have a zero tolerance policy for anyone attempting to illegally trade our stock.
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The ENTIRE fraud market is rigged. It’s obvious who many of the players are. NOTHING will be done.
The implications is that the entire world economy and humanity would collapse if enough people realized what was really going on.
1. The US government WILL simply continue to cover up and benefit from what is going on. This will continue to allow things to get worse and worse so eventually the implications WILL be realized. Then what is the point? Can kicking. It’s always about kicking the can. Each time it gets bigger and harder to kick but the goal is to continue to kick it. More covering up, more crime, more covering up, more crime, more covering up. They have AI now to cover up it up so the covering up will get more sophisticated. More propaganda, more catastrophes, more death and destruction.
When you read the bible, this is what they are talking about. It is not about god(by god and devil they are talking about good and evil inside every human). That is, everything is about projection. People have experienced these types of events in their own systems and projected that in to stories and in to existence(e.g., “Why me god?”).
Revelations could be seen as the collapse of humanity due so much greed and can kicking. The reason is that each time the can is kicked it creates more psychopaths, more pain and suffering, more crime, etc.
Marx demonstrates his is the effect. When money is used to make money(rather than simply a means or store of value) it will ALWAYS destroy society. It actually makes sense. Interest and inflation(essentially same thing) will always grow to such a degree that it cannot be sustained in reality(There is ALWAYS a breaking point to EVERYTHING in reality yet banking/usury is based on mathematics which allows for theoretical or ideal things that do not break).
So, effectively the US government and society and the world just keep piling more and more kindling on the fire.
2. Obviously the psychopaths benefiting from all this will not stop doing what they do. Not permanently. The entire financial system is filled with lunatics whose sole purpose in the world is to accumulate capital as they measure their dick size in terms of their bank account number. It’s just a game to them. They do not understand the consequences of undermining the financial system as they believe money grows on tree’s and crime, poverty, wars, etc are just choices individuals make. At the very least they will always then fall on the “Well, everyone else is doing it”. Of course even if they get a soul and a clue there are 1000 clones of them ready to plug the leak.
3. It is a fundamental issue with the design of society and that of commerce/capital. Throughout history we see time and again societies collapsing because of how capital actually works. Just because the capitalists tell us greed is good and not the fault of all the problems doesn’t mean it is true no matter how much $$$ they push in to convincing us that is true. Of course people will always fall for the insanity because how are children suppose to know how things really? Most adults don’t even have a clue.
I guess at the end of the day it is due to ignorance but it’s not ignorance alone as the rich who have the ability to fix things rather than dragging or watching everything in to hell refuse because for them “I got mine, you just jealous”. Of course when they see that they’ve gotten dragged down the drain with all the other shit they will regret it but by then it will be too late.
Just maybe… maybe, but I doubt it, humanity will survive and have a good enough record of what happened and people will learn where the evil really comes from. It is not the love of money that is the root of all evil, it is money itself. Again, Marx proves that which is why capitalists absolutely hate him for it.
“As the conscious representative of this movement, the possessor of money becomes a capitalist. His person, or rather his pocket, is the point from which the money starts and to which it returns. The expansion of value, which is the objective basis or main-spring of the circulation M-C-M, becomes his subjective aim, and it is only in so far as the appropriation of ever more and more wealth in the abstract becomes the sole motive of his operations, that he functions as a capitalist, that is, as capital personified and endowed with consciousness and a will. Use-values must therefore never be looked upon as the real aim of the capitalist; neither must the profit on any single transaction. The restless never-ending process of profit-making alone is what he aims at. This boundless greed after riches, this passionate chase after exchange-value, is common to the capitalist and the miser; but while the miser is merely a capitalist gone mad, the capitalist is a rational miser. The never-ending augmentation of exchange-value, which the miser strives after, by seeking to save his money from circulation, is attained by the more acute capitalist, by
constantly throwing it afresh into circulation.”
[Of course you will have to read the book to understand the proof but it should be obvious, greed is good = greed is evil because only an evil person can think greed is good]
Amc needs to follow suit on this.
Yes, that would be incredible.
How refreshing it is to see a company stand up for themselves and their investors against the crime that goes on in this stockmarket. Illegal trading is heavy and a constant and is completely ignored by the SEC. Why isn’t anyone holding the SEC accountable and seeing to it they do their job. That is the truest illegal right there!!! If they would do their job the rich elite dirty short sellers wouldn’t own the stock market. A blind eye is always turned. They get richer. They steal. They payoff and line the pockets so the back is turned. Maybe a damn slap on the hand, a cheap ass fine. AMC has been a shit show. This is how its done Mr. Adam Aron. Follow suit. He’s showing you the way. You’re as guilty as the thieves that do the illegal trading. You got your pockets lined right along with them. How the hell could you screw over all of us investors that saved your company? We should have let the pandemic take you out. Never did I believe that my investment would end up what it is. Karma is a bitch. What you have done to millions after we saved you and your company, you should never bite the hand that feeds you. Shame on you. Good luck with your lawsuit Mullen. I wish you success to win against this corrupt system and to gain every success your company deserves.
I am with you Cindy. Well said. Any lawyers out there? I live in Canada and would love to get a lawyer involved.
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