Mullen Automotive – MULN Stock Price Drops on Short-Seller Report
Mullen Automotive Investors with Financial Losses Encouraged to Contact Kehoe Law Firm, P.C. – Mullen Automotive is “Another Fast Talking EV Hustle,” According to Hindenburg Research.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Mullen Automotive, Inc. (“Mullen Automotive” or the “Company”) (NASDAQ: MULN).
Investors of Mullen Automotive with investment losses are encouraged to contact Kehoe Law Firm, P.C. and provide details of their stock losses by CLICKING HERE.
In an April 6, 2022 research report, “Mullen Automotive: Yet Another Fast Talking EV Hustle,” Hindenburg Research reported, among other things, that “Mullen is an aspiring EV manufacturer that came public in late 2021 via reverse merger. It has yet to produce a sellable vehicle.”
Hindenburg Research also reported that “[d]espite only spending ~$3 million in R&D in 2021, Mullen claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it head of every major technology and automaker in the industry who have collectively invested billions on solving the problem.”
According to Hindenburg Research, “Mullen recently press released an update on its battery testing, sending its stock soaring 145% in a day. In reality, the ‘news’ appears to be a rehash of testing the company had already announced in 2020[,] and “Mullen apparently misrepresented the test results, according to the CEO of the company that performed the tests. Its CEO told [Hindenburg Research] of Mullen’s press release: ‘We never would have said that. We never did say it and certainly wouldn’t have said it based on the results of testing that battery.'”
Additionally, Hindenburg Research reported that it has “. . . seen this story before, but Mullen strikes us as one of the worst. With echoes of Nikola, Lordstown, Kandi and Ideanomics, we think Mullen is just the latest in a long line of EV hustles.”
On this news, Mullen Automotive’s stock price dropped significantly and was down during intraday trading on April 7, 2022.