The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Mullen Automotive, Inc. f/k/a Net Element, Inc. who purchased shares between June 15, 2020 and April 6, 2022.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that:
(1) Mullen overstates its ability and timeline regarding production; (2) Mullen overstates its deals with business partners, including Qiantu; (3) Mullen overstates its battery technology and capabilities; (4) Mullen overstates its ability to sell its branded products; (5) Net Element did not conduct proper due diligence into Mullen Technologies; (6) the Dragonfly K50, a luxury sports car, was not (solely) delayed due to the COVID-19 pandemic; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 5, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.