Mullen Automotive sues broker dealers alleging share price manipulation

Mullen Automotive (MULN) announces that the company has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade (AMTD), Charles Schwab (SCHW), National Finance Services and others alleging that these broker dealers “engaged in a scheme to manipulate the share price of the Company’s securities.” The lawsuit seeks compensatory damages and injunctive relief from defendants. David Michery, CEO and chairman of Mullen stated: “MULN is one of the largest traded stocks on the Nasdaq and it has seen a precipitous decline in value despite announcements highlighting many Company successes. I have been extremely frustrated by the performance of our stock and long suspected illegal short selling activities. That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the Company and its loyal shareholder base. I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock.”