Mullen Automotive $7.25M Securities Settlement

If you purchased or acquired the publicly traded stock or options of Mullen Automotive Inc. or Net Element Inc., between June 15, 2020, and April 17, 2022, you may be eligible to claim a portion of a class action settlement.

Mullen Automotive Inc. has agreed to pay $7,250,000 to settle a class action lawsuit alleging that the company made false and misleading statements about its electric vehicle business.

Who can file a claim?

To be eligible to file a claim, you must meet all the following criteria:

• Purchased or acquired Mullen Automotive Inc. or Net Element Inc. common stock, or call options, or wrote put options
• Between June 15, 2020, and April 17, 2022
• Suffered economic losses

How much can class members get?

If all eligible class members file a claim, the estimated recovery is $0.03 per share.

The award amount depends on several factors, including the number of valid claims and the Recognized Loss calculated for each claimant.

• Mullen Common Stock: The Recognized Loss is calculated based on the purchase and sale prices and the alleged artificial inflation at the time of purchase.
• Mullen Call and Put Options: The Recognized Loss for options is calculated similarly, with specific provisions for options exercised or expired.

The Net Settlement Fund will be distributed on a pro rata basis, meaning each claimant's share is proportional to their Recognized Loss compared to the total Recognized Loss of all claimants.

How to claim a recovery

To claim a recovery, you must submit a completed Proof of Claim and Release Form by mail or online. You can file a claim online. Alternatively, you can download the claim form and mail it to:

In re Mullen Automotive, Inc. Securities Litigation

c/o A.B. Data, Ltd.

P.O. Box 173036

Milwaukee, WI 53217

Claimants must provide documentation to support their claims like brokerage confirmation slips or account statements showing the transactions in Mullen Securities.

$7,250,000 Settlement fund

The settlement fund of $7,250,000 will cover:

• Payments to eligible class members.
• Attorneys' fees, not to exceed 33⅓% of the Settlement Fund.
• Reimbursement of litigation expenses up to $136,000.
• Administrative costs for processing claims.

Important dates

• Fairness Hearing: April 4, 2025
• Deadline to File a Claim: February 6, 2025

When is the Mullen Automotive Settlement payout date?

The Court will hold a Fairness Hearing on April 4, 2025, to decide whether to approve the settlement. If approved, claims will be processed, and payments will be distributed to eligible claimants.

Why is there a class action settlement?

The lawsuit alleges that Mullen Automotive Inc. made false and misleading statements about its electric vehicle business, affecting the stock price. The settlement avoids the risks and costs of continued litigation.