The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Mullen Automotive, Inc. f/k/a Net Element, Inc. (NASDAQ: MULN) who purchased shares between June 15, 2020 and April 6, 2022. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the Mullen Automotive, Inc. f/k/a Net Element, Inc. lawsuit alleges 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, a luxury sports car, 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.
Shareholders have until July 5, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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