INVESTOR NOTICE: Mullen Automotive, Inc. f/k/a Net Element, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - MULN
San Diego, California--(Newsfile Corp. - May 21, 2022) - Robbins Geller Rudman & Dowd LLP announces that purchasers of Mullen Automotive, Inc. f/k/a Net Element, Inc. (NASDAQ: MULN) securities between June 15, 2020 and April 6, 2022, both dates inclusive (the "Class Period") have until July 5, 2022 to seek appointment as lead plaintiff in Schaub v. Mullen Automotive, Inc. f/k/a Net Element, Inc., No. 22-cv-03026 (C.D. Cal.). The Mullen Automotive class action lawsuit charges Mullen Automotive and certain of its top executive officers with violations of the Securities Exchange Act of 1934. A similar lawsuit, Gru v. Mullen Automotive, Inc. f/k/a Net Element, Inc., No. 22-cv-00976 (C.D. Cal.), is also pending.
If you suffered significant losses and wish to serve as lead plaintiff, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Mullen Automotive class action lawsuit must be filed with the court no later than July 5, 2022.
CASE ALLEGATIONS: Mullen Automotive purports to be an electronic vehicle manufacturer. On November 5, 2021, Mullen Technologies, Inc. underwent a merger with and into Net Element, Inc. and changed its name to Mullen Automotive, Inc. In announcing its merger, Mullen Automotive represented that it "expect[ed] to launch the Dragonfly K50, a luxury sports car, in the first half of 2021 through ICI (Independent Commercial Importers)." Prior to the merger, Mullen Automotive's shares traded under the ticker symbol NETE.
The Mullen Automotive class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) Mullen Automotive overstated its ability and timeline regarding production; (ii) Mullen Automotive overstated its deals with business partners, including Qiantu Motor; (iii) Mullen Automotive overstated its battery technology and capabilities; (iv) Mullen Automotive overstated its ability to sell its branded products; (v) Net Element did not conduct proper due diligence into Mullen Technologies; (vi) the Dragonfly K50 was not (solely) delayed due to the COVID-19 pandemic; and (vii) as a result, defendants' public statements were materially false and/or misleading at all relevant times.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Mullen Automotive securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
ABOUT ROBBINS GELLER: Robbins Geller is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
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