The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information. All capitalized terms used on this website and in the Notice that are not otherwise defined have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated August 14, 2024 (“Stipulation”), which you may access by clicking here.
If you purchased or otherwise acquired the publicly traded common stock of Mullen Automotive, Inc. or Net Element Inc., and/or purchased or otherwise acquired publicly traded call options on such stock, and/or wrote publicly traded put options on such stock, during the period from June 15, 2020 to April 17, 2022, both dates inclusive, and suffered economic losses as a proximate result of the alleged wrongdoing, you may be entitled to a payment from a class action settlement.
PLEASE READ THE NOTICE CAREFULLY.
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SUBMIT A CLAIM FORM ONLINE AT THE SETTLEMENT WEBSITE OR POSTMARKED NO LATER THAN FEBRUARY 6, 2025. |
This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiff’s Claims (defined in paragraph 30 of the Notice) that you have against Defendants and the other Released Defendants’ Parties (defined in paragraph 31 of the Notice), so it is in your interest to submit a Proof of Claim Form. You can complete and submit a Proof of Claim Form and supporting documentation online here. |
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EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN FEBRUARY 6, 2025. |
If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Released Defendants’ Parties concerning the Released Plaintiff’s Claims. |
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION POSTMARKED NO LATER THAN FEBRUARY 6, 2025. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, or the Fee and Expense Application, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the Fee and Expense Application unless you are a Settlement Class Member. If you exclude yourself from the Settlement Class, you may not object. |
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GO TO A HEARING ON APRIL 4, 2025, AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 6, 2025. |
Submitting a written objection and notice of intention to appear by February 6, 2025, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the Fee and Expense Application. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
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DO NOTHING. |
If you are a member of the Settlement Class and you do not submit a valid Proof of Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
The Settlement Hearing
Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions set forth in paragraphs 82-90 of the Notice even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.
The Settlement Hearing will be held on April 4, 2025 at 10:00 a.m., before the Honorable Dolly M. Gee at the United States District Court for the Central District of California, United States Courthouse, Courtroom 8C, 350 West 1st Street, Los Angeles, California 90012. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s Fee and Expense Application, and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.
What is this case about?
This litigation is about allegedly false and/or misleading statements made by Defendants concerning Mullen Auto and Mullen Tech’s electric vehicle business. Multiple class action complaints were filed in the Court, alleging that before and after Mullen Tech’s reverse merger with Net Element Inc., the Defendants materially misled investors regarding Mullen Auto and Mullen Tech’s electric vehicle business with respect to its customer orders, battery testing, manufacturing facilities, and commercial partnerships. The Complaint further alleged that the prices of Mullen Auto’s and Net Element’s publicly traded securities were artificially inflated during the putative class period as a result of Defendants’ allegedly false and misleading statements, and declined when the truth was purportedly revealed. A more detailed description of the Action is set forth in paragraphs 11-21 of the Notice.
The Settlement Benefits
At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.
Pursuant to the Settlement, Defendants have agreed to pay or cause to be paid Seven Million Two Hundred Fifty Thousand Dollars ($7,250,000) in cash (the “Settlement Amount”). The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state, and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred by the Claims Administrator in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; (c) any Attorneys’ Fees and Litigation Expenses awarded by the Court; and (d) any other Court approved deductions) will be distributed to Settlement Class Members who submit valid Proof of Claim and Release Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.
The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired.
Further Information
This website and the Notice summarize the Settlement. For more details regarding the Settlement, please reference the Stipulation or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:
Claims Administrator:
In re Mullen Automotive Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173036
Milwaukee, WI 53217
877-777-9307
info@MullenSecuritiesSettlement.com
Lead Counsel:
Glancy Prongay & Murray LLP
Attn: Garth A. Spencer, Esq.
1925 Century Park East
Suite 2100
Los Angeles, CA 90067