EV maker Mullen sues brokerage firms, shares rise

Bollinger Innovations

29/08/2023 18:12

** EV manufacturer Mullen Automotive's shares  MULN.O  rise
as much as 12% before paring gains, last up 1.4%
    ** Co sues brokerage firms including, TD Ameritrade, Charles
Schwab  SCHW.K  National Finance Services and others
    ** MULN alleges brokerages tried to manipulate share prices
of the company's securities    
    ** CEO David Michery says co seeing decline in share value
despite success, suspects illegal short selling activities
    ** Lawsuit seeks compensatory damages and injunctive relief
from Defendants 
    ** Number of shares trading intraday was more than 89 mln,
over 1.5 times its 50-day moving average volume
    ** MULN shares have been declining from their 2023 peak in
January, down 99% YTD
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))