Mullen Automotive Inc (MULN)

[shamalamadingdong]

Illegal naked shorting caused both reverse stock splits, per the lawsuit. During the Relevant Period, Defendants and the John Doe Defendant continued to place enormous downward pressure on Mullen’s share price by unlawful short selling, forcing Mullen to execute a second reverse split at 10-to-1 at the end of trading on August 10, 2023. This second reverse split decreased Mullen’s outstanding shares from approximately 1.8 billion to 181 million. This reverse split also restored Mullen’s share price above $1.00, putting its share price back into compliance with Nasdaq listing requirements. https://storage.courtlistener.com/recap/gov.uscourts.nysd.605311/gov.uscourts.nysd.605311.1.0.pdf