Tag: Mullen Automotive (Page 1 of 15)

MULN Stock: 5 Billion Shares in Illegal Scheme Now Confirmed

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.”

This is a developing story — share this article on X.

Also Read: Mullen Provides New Update on Vehicle Production and Deliveries

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Market News Today - MULN Stock: 5 Billion Shares in Illegal Scheme Now Confirmed.
Market News Today – MULN Stock: 5 Billion Shares in Illegal Scheme Now Confirmed.

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Mullen Appoints A New Chief Strategy Officer to Strengthen Company

Mullen Automotive (NASDAQ:MULN) 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.

Other Mullen News Today

Market News Today - Mullen Appoints A New Chief Strategy Officer to Strengthen Company.
Market News Today – Mullen Appoints A New Chief Strategy Officer to Strengthen Company.

Mullen Automotive on Friday shared a new update on the company’s notice of delisting.

On October 3, 2023, the Company received an additional written notice from the Staff indicating that the Staff had concluded that the Company did not hold an annual meeting in the fiscal year ended September 30, 2023, that met the Nasdaq annual meeting standard.

While the Company held an annual meeting on August 3, 2023 and the proposals that were approved at the meeting including the election of directors are, and remain, valid, the Staff determined that such meeting did not satisfy the Annual Meeting Rule since the Company did not afford stockholders the opportunity to discuss Company affairs with management at the meeting as required under Nasdaq Listing Rule IM-5620.

The Company will present its plan to demonstrate compliance with the Annual Meeting Rule at the previously scheduled Bid Price Rule hearing and the Panel will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market.

CEO David Michery said in September that the company’s balance sheet is strong in a new update to shareholders.

MULN stock is up more than +2% in the past month but down more than -99% this year-to-date.

“I am very disappointed by the performance of our stock. 

As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value.

It is evident that, regardless of meeting significant corporate milestones, stock traders continue to place downward pressure on the stock, causing the price to fall.

previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock,” the CEO said in August.

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Market News Today - Mullen Appoints A New Chief Strategy Officer to Strengthen Company.
Market News Today – Mullen Appoints A New Chief Strategy Officer to Strengthen Company.

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Mullen CEO Says Balance Sheet Is Strong in New Update

Mullen Automotive (NASDAQ:MULN) CEO David Michery says the company’s balance sheet is strong in a new update to shareholders.

Shares of the EV company have continued to fall despite Mullen Automotive’s recent developments.

On Wednesday, MULN stock fell nearly -9% with shares now down more than -99% this year-to-date.

“Despite a challenging economic environment where many enterprises are capital-constrained, our balance sheet remains strong, and we have achieved meaningful strides since our last update to shareholders on August 14, 2023.

Recent company highlights include:

Effective Sept. 22, 2023, Mullen received EPA certification for Class 3 EV commercial vehicles, which is a critical milestone to allow shipping to customers.

Mullen previously announced that it had requested a hearing before a Nasdaq Hearings Panel.

The hearing has been granted, and the hearing request stays any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. 

The Company has engaged the services of Donohoe Advisory Associates LLC to represent its interests in this matter and to articulate its case to the Panel as the Company works toward regaining compliance with the Nasdaq bid price requirement. 

Donohoe Advisory, which is made up of a team of former stock exchange officials, was formed in 2004 by David A Donohoe, Jr., former Chief Counsel for the Listing Qualifications Department of The Nasdaq Stock Market. Donohoe Advisory has represented more than 1,500 companies in stock exchange listing matters since its formation.

Mullen CEO Address Illegal Trading in Company Stock

Market News Today - Mullen CEO Says Balance Sheet Is Strong in New Update.
Market News Today – Mullen CEO Says Balance Sheet Is Strong in New Update.

Mullen Automotive CEO David Michery released the following statement regarding the potential manipulation of the company’s stock:

The Company has taken a firm stance against manipulative trading in its stock.

On Aug. 29, 2023, the Company and Ulysses Novoa (collectively “Plaintiffs”) filed a complaint in the United States District Court Southern District of New York against Defendants TD Ameritrade, Inc., Charles Schwab Co., Inc., National Financial Services, LLC, and John Does 1 through 10 (collectively “Defendants”), alleging that the Defendants engaged in a course of conduct that was intended to artificially affect market activity and manipulate the price of Mullen securities between May 4, 2023, and Aug. 25, 2023, in violation of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Plaintiffs served Defendants with the Summons and Complaint on Aug. 31, 2023. On Sept. 13, 2023, Defendants filed a request for an extension of time to respond to the complaint.

The Court granted Defendants’ request. Accordingly, Defendants’ response is due filed on or before Oct. 19, 2023.

Will Mullen Automotive bounce back from its all-time lows?

I’m curious to know what you think — leave your thoughts in the comment section down below.

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Market News Today - Mullen CEO Says Balance Sheet Is Strong in New Update.
Market News Today – Mullen CEO Says Balance Sheet Is Strong in New Update.

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Mullen Automotive Now Gets Its Vehicles ‘EPA’ Certified

Mullen Automotive (NASDAQ:MULN) announced on Monday that its Class 3 EVs have now been ‘EPA’ certified.

The company stated that the EPA certification is a critical milestone to allow shipping vehicles to customers.

“In addition, the Mullen Class 3 EV Cab Chassis Truck has completed all required testing requirements for Federal Motor Vehicle Safety Standards (“FMVSS”) and compliance.

With EPA certification in-hand and FMVSS compliance, Mullen can now begin shipments of Class 3 EVs for customer deliveries,” the company stated.

Shares of the company are down nearly -4% on Monday.

Mullen previously announced on May 2, 2023, a Class 3 vehicle order with Randy Marion Automotive (“RMA”) for 1,000 all-electric cab chassis trucks valued at $63 million.

On May 11, 2023, it was announced that MGT Lease Company (“MGT”), a national fleet leasing provider, will purchase 250 Class 3 EV cab chassis trucks under a contract valued at $15.7 million.

On Aug. 28, 2023, Mullen also received an order for Class 3 EV trucks from NRTC Automation Group.

“I am extremely proud of this important milestone and, now with EPA certification and FMVSS in-hand, we are planning to begin Class 3 deliveries this week.

Mullen is fully committed to our vision and plan and is focusing in now on deliveries to our customers,” said Mullen CEO and Chairman David Michery.

Also Read: Mullen Launches New Tech For Its Vehicles

Mullen Just Sold A New Batch of Its EVs to NYPA

Market News Today - Mullen Automotive Now Gets Its Vehicles 'EPA' Certified.
Market News Today – Mullen Automotive Now Gets Its Vehicles ‘EPA’ Certified.

Mullen Automotive also just sold a new batch of its EVs to the NYPA after a successful 60-day pilot program.

Shares of the startup EV company rose more than +4% on Thursday following the announcement.

“Today the New York Power Authority (“NYPA” or the “Power Authority”) has purchased Mullen’s Campus Delivery Cargo Vans after successful completion of an EV pilot program at NYPA’s 16-turbine hydroelectric facility in northern New York.

The 60-day EV cargo van pilot began on July  6, 2023, and concluded in early September 2023. 

As a result, NYPA will purchase the initial pilot vehicles for fleet operations at its St. Lawrence-Franklin D. Roosevelt Power Project, NYPA’s first active power plant, which opened in 1958.

The Power Authority is assessing additional NYPA locations for Mullen’s full lineup of commercial EVs, including Class 1 EV cargo vans and Class 3 EV cab chassis trucks,” stated the company in its press release.

“It’s great to see our EVs enter the Northeast market with the New York Power Authority, our nation’s largest public utility, using our delivery utility model for campus transportation.

Our EV cargo van is a perfect fit for large, closed workplace campus scenarios,” said David Michery, CEO and chairman of Mullen Automotive.

The New York Power Authority is the largest state public power organization in the U.S., operating 16 generating facilities and more than 1,400 circuit miles of transmission lines.

NYPA is at the forefront of producing and bringing clean, reliable energy to the state of New York. 

NYPA’s vision is to create a thriving, resilient New York State powered by clean energy and is leading the transition to a carbon-free, economically vibrant New York through customer partnerships, innovative energy solutions, and the responsible supply of affordable clean and reliable electricity.

Market News Published Daily 📰

Market News Today - Mullen Automotive Now Gets Its Vehicles 'EPA' Certified.
Market News Today – Mullen Automotive Now Gets Its Vehicles ‘EPA’ Certified.

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