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MULN.US
id: 1548
Mullen Automotive ($MULN) Reverse Splits and Misleading Technology Case
C.D. California
Court2:25-cv-2620
Case number03/01/2023
Class period Start03/26/2025
Class period End04/14/2025
Lead Plaintiff motion deadline- $MULN investors filed a claim against Mullen Automotive for misleading statements about its battery technology, commercial deals, and financial stability.
- Between April 2023 and April 2024, $MULN dropped over 99% following repeated reverse stock splits, false announcements, and failed joint ventures.
Case Details:
Between May 2022 and March 2025, Mullen Automotive repeatedly misled investors about the success of its electric vehicle development, battery innovation, and major partnerships. The company claimed breakthrough technology with solid-state batteries and announced high-profile collaborations — including a joint venture with Global EV Technology and a federal supply contract with RRDS — none of which delivered meaningful commercial results.
In April 2023, Mullen launched Mullen Advanced Energy Operations (MAEO) in partnership with inventor Lawrence Hardge, touting massive range improvements and a potential $10 billion Saudi contract. These claims caused the stock to spike, but were later debunked. By July 2023, the company had terminated the agreement due to contractual breaches and undisclosed risks around Hardge’s background.
Mullen also repeatedly stated it had “no current plans” for reverse stock splits while executing five separate splits from May 2023 to February 2025, including a 1-for-100 in December 2023 and a 1-for-60 in February 2025. These moves caused massive dilution and drove the share price into a free fall.
During this period, $MULN dropped over 99.9%.
Based on these events, $MULN investors filed a claim against Mullen Automotive, accusing the company of the following:
- It misled investors with false claims about EV technology breakthroughs and strategic partnerships.
- It concealed critical details about financing arrangements and failed to disclose the risks of insider-linked deals.
Considering all the representations, investors believe Mullen manipulated its stock price through repeated reverse splits, misinformation, and deceptive promotional tactics.
Case Status
Lead Plaintiff Appointment
Alleged Offence
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03/13/2025
Filing date
03/26/2025
Lead Plaintiff Deadline
04/14/2025