Mullen Automotive (NASDAQ:MULN) has provided shareholders with a new update on its illegal naked shorting investigation.
The company announced on Wednesday that it has retained Christian Attar, formally known as Christian Levine Law Group, and in partnership with Warshaw, Burstein, LLP, to combat naked short selling activities.
Based on reports Mullen has received from ShareIntel, the Company believes it may have been the target of a market manipulation scheme involving illegal naked short selling of its common stock and has decided to investigate and expose any potential wrongdoing.
According to various publicly disclosed sources, Christian Attar, formally known as Christine Levine Law Group, in partnership with Warshaw Burstein, LLP, have successfully prosecuted and collected millions of dollars in aggregate damages on behalf of their clients from broker-dealers, market-makers, hedge funds, and asset-based lenders who have engaged in such market manipulation schemes.
“Since our announcement on April 28, we have been actively investigating naked short selling and we now have enough intel to have the law firm actively investigate and, where justified, take action against any market manipulators using naked short selling, spoofing or other illegal acts,” stated David Michery, CEO and chairman of Mullen Automotive, Inc.
MULN stock rose more than +45% on Wednesday’s announcement.
The company stock has fallen more than 98% this year-to-date.
Naked shorting is the illegal practice of short selling shares that have not been affirmatively determined to exist.
The predatorial practice allows short sellers to short a stock and bypass the natural laws of supply and demand.
Meta Materials is another company who also recently hired Wes Christian to take on a ‘naked short selling’ case.
Wes Christian Says ‘Naked Shorting’ is a Big Worldwide Problem
Famous lawyer known for fighting against market injustices Wes Chrisitan says ‘Naked Shorting’ is a big worldwide problem.
Wes Christian was mentioned by Forbes who painted the 40-year-experienced attorney as a conspiracy theorist threatening Wall Street.
“Naked short-selling is a thing. Actually, it really isn’t. But that hasn’t stopped a group of hucksters, led by a cynical lawyer, from conjuring an excuse for meme-stock collapses — and creating a community now talking up violence against anyone in their way,” said Forbes staff member Brandon Kochkodin.
Wes says mainstream media will continue to ridicule those standing against fraud in the market, as seen with Patrick Byrne in the past, but that investors should continue to raise awareness.
The Securities and Exchange Commission (SEC) announced in mid June that it charged investment adviser Sabby Management LLC and its managing partner, Hal D. Mintz in the latest naked shorting scheme.
So, despite the media’s attempt to brush the problem aside, naked short selling is a very real thing and companies are paying a price for practicing it, at least according to the SEC.
Wes says that marking short sales as long and ‘spoofing’ in the market have become a real issue over the past few years.
The latest Mullen Automotive short selling investigation announcement is a very positive direction for both the company and shareholders.
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