MULN Investors Have Opportunity to Lead Mullen Automotive Securities Fraud Lawsuit with Faruqi & Faruqi, LLP

NEW YORK, April 3, 2025 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Mullen Automotive, Inc. ("Mullen" or the "Company") (NASDAQ: MULN) and reminds investors of the April 14, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Mullen had no intent of implementing a reverse stock split when in-fact the Chief Executive Officer David Michery ("CEO" or "Michery"), and Mullen believed one was imminent and necessary; (2) Mullen overstates its deals with business partners, including Rapid Response Defense Systems ("RRDS") and Mullen Advanced Energy Operations, LLC ("MAEO"); (3) Mullen overstates its battery technology capabilities and partnerships (i.e., Lawrence Hardge related allegations); (4) Mullen misled the investing public about its reverse splits; (5) Mullen and Michery knew or should have known about Lawrence Hardge's previous convictions for financial crimes and moral turpitude and disclosed this information to investors; (6) Mullen failed to disclose material information about its financing agreements; and (7) as a result, defendants' public statements were materially false and/or misleading at all relevant times.

Throughout the course of the Company's false and/or misleading statements and omissions discussed above, Mullen's stock price fell over $3.25 per share, or 96%, to close at approximately $.015 per share on March 13, 2024, on unusually heavy trading volume, damaging investors. 

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Mullen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Mullen Automotive class action, go to www.faruqilaw.com/MULN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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SOURCE Faruqi & Faruqi, LLP