Mullen Automotive, Inc. (fka Net Element, Inc.)

Ticker: MULN, NETE

Class Period Start: 06/15/2020

Class Period End: 04/06/2022

Registration Deadline: 07/05/2022

A securities class action has been filed in the USDC, C.D.CA, on behalf of purchasers of the securities of Mullen Automotive, Inc. (f/k/a Net Element, Inc.) (NASDAQ: MULN, NETE) between June 15, 2020 and April 6, 2022, both dates inclusive (the “Class Period”). The action seeks to recover damages for Mullen investors under the federal securities laws.

On April 6, 2022, Hindenburg Research (“Hindenburg”) published a report addressing Mullen, entitled “Mullen Automotive: Yet Another Fast Talking EV Hustle”, calling the Company among the worst electric vehicle (“EV”) hustles that Hindenburg has seen in a crowded field of contenders such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that “[d]espite only spending ~$3 million in Research and Development in 2021, Mullen claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions on solving the problem.” The Hindenburg report also alleged that the Chief Executive Officer of EV Grid, Inc. (“EV Grid”), which makes batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding test results for its battery, stating “[w]e never would have said that” and “[w]e never did say it and certainly wouldn’t have said it based on the results of testing that battery.” Additionally, the Hindenburg report alleged that Mullen’s claims to be in a joint venture with NextMetals Ltd. (“NextMetals”) to create a solid-state battery were refuted by a NextMetals senior executive who said it “‘was a nonstarter’ and ‘didn’t exist.’”

On this news, Mullen’s stock price fell $0.27 per share, or 10%, to close at $2.38 per share on April 6, 2022, damaging investors.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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