Christian Attar Law Firm, who is investigating MULN stock, says approximately 5 billion shares in an illegal scheme has now been confirmed.
The firm in partnership with Warshaw Burstein, LLP, in association with forensic investigators, have concluded the magnitude of the spoofing is unprecedented, resulting in over 5 billion shares being issued at artificially deflated prices since Company’s Nasdaq debut in November 2021.
Mullen Automotive, a startup EV company, has been one of the few companies to raise awareness on the predatorial short selling practices seen in its stock.
MULN stock is currently down more than -99% this year-to-date.
On Wednesday, December 6, Mullen Automotive announced the Company has filed a complaint in the United States District Court for the Southern District of New York alleging that UBS Securities, LLC, IMC Financial Markets and Clear Street Markets, LLC (the “Defendants”) engaged in a market manipulation scheme that violated Section 10(b) and Rule 10b-5(a) and (c) and Section 9(a) of the Securities Exchange Act of 1934.
This lawsuit alleges that between Nov. 9, 2021, and Nov. 9, 2023, the Defendants and/or their customers used spoofing to manipulate the market price of Mullen shares.
“FINRA has characterized spoofing as an insidious form of market manipulation that undermines the transparency and integrity of the markets by distorting the true nature of supply and demand,” the company statement said.
“Spoofing involves the submission and cancellation of non-bona fide buy and sell orders that have no legitimate economic purpose and are not intended to be executed.
The actual purpose of these orders is to trick shareholders into placing their own orders at a time, price and quantity that they otherwise would not have.”
“In the 21 years our team has been prosecuting market manipulation cases against Wall Street, I believe this could be one of the largest and strongest spoofing and market manipulation cases we have handled,” said Wes Christian of Christian Attar Group.
“After working with our consulting and investigative experts, I believe the damage model could be in the billions of dollars.”
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