Mullen Automotive (NASDAQ:MULN) has provided shareholders with a new update on its illegal short selling lawsuit.
The lawsuit involves TD Ameritrade, Charles Schwab, National Finance Services, and others.
Mullen Automotive alleges that these broker dealers engaged in a scheme to manipulate the share price of the Company’s securities and now seeks compensatory damages.
On Oct. 19, 2023, Judge Analisa Torres issued an order that directed the parties as follows:
- Plaintiff shall file its amended complaint by Nov. 30, 2023;
- The parties shall jointly file their case management plan by Dec. 15, 2023;
“We are optimistic that we will expose the wrongful conduct of the Defendants and obtain an award holding them responsible for every dollar they have wrongfully extracted from Mullen and its shareholders either from Settlement or Judgment.
We intend to move this case forward as rapidly as possible,” said Wes Christian in a statement.
Alan M. Pollack, a partner in the firm of Warshaw Burstein, who also represents Mullen made the following statement regarding the lawsuit:
“This case raises certain unique legal issues concerning how broker-dealers manipulate the marketplace and how such manipulation impacts retail investors.
Counsel will diligently work to expose defendants’ wrongdoing in order to protect the rights of Mullen and its shareholders,” he continued.
MULN stock is currently down to $0.23 on Monday, more than a -58% drop this month.
Mullen Automotive stock is also currently down more than -99% this year-to-date with the company already looking at another reverse stock split this year.
However, shareholders will need to vote on the proposal at the upcoming shareholder meeting on December 15.
“We are aggressively pursuing all remedies available to us to protect the company and our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.
Other Mullen Automotive News Today
Mullen has appointed a new Chief Strategy Officer to strengthen the company.
The company announced on Monday that Marianne McInerney will focus on growth opportunities and drive strategic initiatives for Mullen’s commercial, consumer vehicles and governmental affairs.
“McInerney has been immersed in the automotive and transportation industry for almost two decades during which she has advised multiple OEMs, governmental entities and tier one suppliers.
Prior to Mullen, McInerney held key roles at next-generation vehicle OEMs, the U.S. Department of Transportation, and the American International Automobile Dealers Association.
McInerney served as Assistant Secretary and Director of Public Affairs for the U.S. Department of Transportation under Secretary Elaine L. Chao.
In her role with Mullen, Marianne will focus on sales, marketing and growth opportunities with Mullen’s commercial and passenger vehicle programs, and overall strategic business opportunities for the company.
She will also oversee all state and federal governmental affairs for the company,” the company stated.
“Mullen is a strategically driven organization and its product line of advanced EVs for both commercial and consumer audiences are unrivaled,” said McInerney, Chief Strategy Officer of Mullen Automotive.
“When I combine Mullen’s product innovation and strategy with their U.S. assembly and manufacturing facilities and well-curated team, Mullen has a competitive EV story and I am excited to put my experience and relationships with fleets and dealers to drive value across the organization.”
“Marianne is a key addition to our team and her leadership and experience will set a growth strategy to expand and drive strong top and bottom-line impacts for Mullen at the commercial, consumer and governmental levels.
She brings a vast level of domestic and international OEM experience and will deliver innovative strategies to strengthen our market share globally,” said David Michery, CEO and chairman of Mullen Automotive.
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