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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Mullen Automotive, Inc. Investors: Class Action Lawsuit Filed on Behalf of Investors; The Portnoy Law Firm

June 13, 2022 GMT

Investors cancontactthe law firm at no cost to learn more about recovering their losses

LOS ANGELES, June 13, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Mullen Automotive, Inc. f/k/a Net Element, Inc. (“Mullen” or the “Company”) (NASDAQ: MULN; NETE) investors that a class action filed on behalf of investors. Mullen investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
        
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made 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 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.

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On April 6, 2022, during trading hours, market analyst Hindenburg Research released a report regarding the Company entitled “Mullen Automotive: Yet Another Fast Talking EV Hustle” which detailed several alleged issues with the Company.

On this news, Mullen’s stock price fell $0.27 per share, or 10%, to close at $2.38 per share on April 7, 2022, on unusually heavy trading volume, damaging investors.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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