BREA, Calif., Dec. 08, 2023 - Mullen Automotive Inc. (NASDAQ: MULN) has announced the filing of a spoofing complaint against several broker-dealers, UBS Securities, LLC, IMC Financial Markets, and Clear Street Markets, LLC, in the United States District Court for the Southern District of New York. The complaint alleges a 2-year scheme to manipulate the market price of Mullen shares through spoofing.

The spoofing litigation, filed on Dec. 6, 2023, aims to provide transparency and protect the interests of Mullen's public market shareholders. The Company believes that the spoofing complaint has the potential for significant damages, given the nature of the claims and the duration of the alleged manipulation.

The decision to file the spoofing complaint led Mullen Automotive to voluntarily dismiss a previously filed lawsuit against certain broker-dealers. The dismissed lawsuit, originally filed on Aug. 29, 2023, also in the United States District Court for the Southern District of New York, focused on short-selling claims and covered a limited period of three months.

After conducting a cost-benefit analysis of both cases, the Company concluded that pursuing the larger spoofing litigation would be a prudent exercise of business judgement. The spoofing complaint covers a 2-year period and provides Mullen Automotive with a greater opportunity to recover damages associated with the alleged manipulation.

David Michery, CEO and chairman of Mullen Automotive, emphasized the Company's commitment to transparency and protecting long-term value for stockholders. He stated, "We believe that the spoofing litigation provides the best opportunity to sustain our claims as well as recover damages based on the defendant's market manipulation."

Mullen Automotive (NASDAQ: MULN) is a Southern California-based electric vehicle manufacturer. It operates two assembly plants in the United States and has a diverse EV development portfolio. The portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, Bollinger Motors, and Electric Last Mile Solutions' ("ELMS") assets, which were acquired on Dec. 1, 2022.

The filing of the spoofing complaint reflects Mullen Automotive's commitment to maintaining transparency, safeguarding shareholder interests, and ensuring fair market practices. The Company's pursuit of the larger litigation is aimed at seeking justice for alleged market manipulation, potentially leading to significant damages for Mullen and its stockholders.