MULN - Mullen Provides Securities Litigation Update | Benzinga
BREA, Calif., Dec. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle manufacturer, in our continued effort to provide transparency of the Company's actions, and to avoid confusion to our public market shareholders, today announces that it has filed a spoofing complaint on Dec. 6, 2023, in the United States District Court for the Southern District of New York alleging that UBS Securities, LLC, IMC Financial Markets and Clear Street Markets, LLC engaged in a market manipulation scheme using spoofing to manipulate the market price of Mullen shares (the "spoofing litigation"). The claim for the spoofing litigation is attached to the Company's Form 8-K filed with the Securities and Exchange Commission on Dec. 6, 2023. Spoofing claims based on similar conduct have garnered judicial successes in recent years.
The Company believes that the spoofing litigation has exponentially greater potential to recover damages based on the nature of the claims and the duration of the 2-year period when the spoofing is alleged to have occurred. In connection with the decision to file the spoofing complaint, the Company has voluntarily dismissed the lawsuit originally filed on Aug. 29, 2023, in the United States District Court for the Southern District of New York against certain broker-dealers, alleging a scheme to manipulate the share price of the Company's securities focusing on short-selling ...