the stock price of Mullen Automotive shoots up to record volumes after an the maker of electric vehicles vows to take action against naked short-sellers
Mullen Automotive Chief Executive Officer David Michery has pledged to engage in legal action when necessary against market manipulators that use naked short selling and other unlawful acts.
Referenced symbols
The shares of Mullen Automotive Inc. skyrocketed Wednesday due to massive volumes following the announcement that the maker of electric vehicles announced it had hired an attorney firm to help fight illicit naked short-selling.
The share MULN +69.38 percentage was up 58.7 percent during afternoon trading after having closed on Monday with the record lowest that was 10.1 cents. The volume of trading exploded at 1.07 billion shares. This is which is more than the previous single-day record 450.0 millions shares as of June 21st, 2023 and more than seven times the daily average of the last 30 days of around 160.0 millions shares.
The stock of the EV maker been hit by record-breaking 85.2 percent plunge over the month of June, and this despite the company announced the previous week that it had a revenues for the first-time and is in “best situation financially” ever.
On Wednesday Brea, a Brea, Calif.-based company said it had hired Christian Attar, formally known as Christian Levine Law Group, working in conjunction along with Warshaw, Burstein LLP, to fight naked short selling that is illegal method of placing bearish bets on the price of a stock.
Based on information from the company that tracks shares Shareholder Intelligence Services LLC, or ShareIntel, Mullen believes its shares could have been the subject of a market manipulation scheme that involved naked short selling and has taken steps to expose any alleged fraud.
The company said it was reported that Christian Attar has prosecuted and obtained “millions worth of dollars” in damages total on behalf of its clients from people who have participated in manipulating the market.
“Since April 28th, our statement on the 28th of April we have been diligently studying naked short sales and we have now enough information to require the law firm conduct an investigation and, when justified initiate action against market manipulators who use the naked practice of short-selling, fraud, or other unlawful acts,” said Chief Executive Officer David Michery.
The stock has dropped 93.7 percent in the last three months, however, it’s Global X Autonomous and Electric Vehicles exchange-traded fund DRIV -0.61 percent has risen 15.1 percent, while the S&P 500 SPX, -0.20% has risen 8.8 percent..
