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MULN.US
id: 1406

Investigation into Mullen (MULN): Questionable Deals and Stock Collapse

  • In 2020, Mullen’s $500M order from UEC faced doubts due to alleged ties to VoltiE Group.
  • Then, in 2021, a $60M deal with Heights Dispensary raised questions over the small CBD company’s capacity.
  • Moreover, $MULN dropped nearly 50% following a 1-for-100 reverse stock split in September 2024.
  • All affected $MULN investors can join now to stay updated on the case and potential recovery.
Case Details:

In 2020, Mullen Automotive announced a $500 million purchase order from Unlimited Electrical Contractors Corp (UEC), presenting it as a sign of strong demand.

However, reports later suggested potential ties between UEC and Alex and Edward Genin, owners of VoltiE Group, raising questions about the order’s authenticity.

With little information to confirm these claims, doubts remain about the legitimacy of both the order and the connections behind it.

Moreover, in August 2021, Mullen Automotive announced a $60 million agreement with Heights Dispensary to supply 1,200 Mullen ONE electric delivery vans.

Heights Dispensary, a Texas-based company specializing in legal CBD and THCa8 products, was relatively small at the time, primarily operating online with plans to open a retail cannabis dispensary.

The scale of the order raised questions about the Dispensary's capacity to handle such a significant purchase, leading to skepticism regarding the authenticity of Mullen's claims.

These controversies have contributed to significant volatility in Mullen's stock price.
  • For instance, after a 1-for-100 reverse stock split on September 17, 2024, Mullen's stock dropped nearly 50% in the following days.
  • Additionally, the company's stock has fallen 99.8% year-to-date as of October 7, 2024.
Considering all these representations, investors suspect that Mullen Automotive hid serious issues related to questionable business practices and the legitimacy of reported deals.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/12/2024
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