Mullen Automotive Defeats Defendants' Motion To Dismiss Lawsuit Regarding Stock Manipulation

(RTTNews) - Mullen Automotive, Inc. (MULN), Monday announced that the federal judge has denied a motion to dismiss their lawsuit against IMC Financial Markets, Clear Street Markets , and UBS Securities.

Filed in the Southern District of New York, the lawsuit alleged that the defendants used high-frequency algorithmic trading to manipulate and spoof Mullen shares between November 5, 2021 and November 15, 2023.

The Court determined that Mullen's complaint "outlines Defendants' efforts to artificially depress the price of Mullen securities and the subsequent effects on the market."

Currently, Mullen's stock is gaining 7.65 percent, to $0.13 on the Nasdaq.