Mullen Automotive (MULN) successfully overcame a motion to dismiss brought by defendants IMC Financial Markets, Clear Street Markets LLC, UBS Securities, LLC and Does 1-10. In the lawsuit, which is pending in the United States District Court for the Southern District of New York, Mullen alleges that between November 5, 2021 and November 15, 2023, Defendants used high-frequency algorithmic trading to manipulate and spoof Mullen shares in violation of Section 10(b), Rule 10b-5(a) and (c), and Section 9(a) of the Securities Exchange Act of 1934, and New York common law fraud.
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