Mullen files lawsuit, alleging illegal short-selling activities
By Bradley Osborne - 7th September 2023
USA – Mullen Automotive Inc, a manufacturer of electric vehicles based in Brea, California, announced on 29 August that it had filed a lawsuit in the United States District Court for the Southern District of New York against stockbrokers who, Mullen alleges, were involved in illegal short-selling and subsequent devaluing of Mullen shares.
Mullen is suing brokers such as the Charles Schwab Corporation and its subsidiary TD Ameritrade, National Financial Services, and others whom it alleges conspired to manipulate the share price of Mullen on the NASDAQ. The company seeks compensatory damages and injunctive relief arising from the alleged unlawful conduct in violation of Section 10b and Rule 10b-5 under the Securities Exchange Act of 1934. Mullen has engaged Share Intel, Christian Attar, and Warshaw Burstein to investigate and prosecute the case.
