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HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Investors in Mullen Automotive (MULN) with Significant Losses to Contact Firm’s Attorneys, Firm Investigating Possible Securities Law ViolationsApr 7th, 2022 9:31 EST
SAN FRANCISCO, April 7, 2022 /PRNewswire/ — Hagens Berman urges Mullen Automotive, Inc. (NASDAQ: MULN) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Recently, Mullen has claimed that it is “on track” to deliver initial cargo vans to existing fleet order customers starting in Q2 2022 and that it experienced impressive “progress” on solid-state polymer battery pack development, independently tested by EV Grid, Inc., showing its technology could enable EVs to travel in excess of 600 miles.
But on Apr. 6, 2022, Mullen’s statements were brought into question when Hindenburg Research published a scathing report calling Mullen among the worst EV hustles that Hindenburg Research has seen in a crowded field of contenders such as Nikola and Lordstown.
Among other things, Hindenburg observed: (1) “[d]espite only spending ~$3 million in R&D 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;” (2) EV Grid’s CEO informed Hindenburg regarding its testing that “‘[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;'” and, (3) Mullen’s claims to be in a joint venture with NextMetals to create a solid-state battery were refuted by a NextMetals senior executive who said it “‘was a nonstarter’ and ‘didn’t exist.'”
In response, the price of Mullen shares fell sharply lower.
“We’re focused on investors’ losses and whether Mullen misled investors about its battery technology and commercial prospects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Mullen, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Mullen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:[email protected].
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact: Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP