Warshaw Burstein Market Manipulation Lawsuit Featured on Fox Business, Bloomberg, Various Media Outlets09/15/2023
Warshaw Burstein recently filed a lawsuit in United States District Court, Southern District of New York, on behalf of its client, Mullen Automotive, an emerging electric vehicle manufacturer, against TD Ameritrade, Charles Schwab, National Finance Services and others, alleging that these broker dealers engaged in a scheme to manipulate the share price of the Company’s securities.
The lawsuit seeks compensatory damages and injunctive relief from Defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934 (“the Exchange Act”).
Alan M. Pollack, a partner in the firm’s Litigation Group, was featured in various media outlets discussing the lawsuit and the issue more generally over the last several weeks.
He said, “Market manipulation schemes are insidious, difficult to uncover and prosecute, and pose a direct and immediate threat to the integrity of our capital markets and the wealth that every hard-working citizen has accumulated in their retirement accounts. Companies that are targeted by manipulators have a fiduciary duty to their shareholders to investigate and take appropriate action in order to protect the rights and interests of their shareholders.”
Warshaw Burstein is retained with Christian Attar law group. The firms, working together over the past 22 years, have successfully prosecuted and collected millions of dollars in damages on behalf of their clients from broker-dealers, market-makers, hedge funds, and asset-based lenders who have engaged in market manipulation schemes.
Here are links to a few of the many articles and interviews reporting on the lawsuit:
Bloomberg News (subscription)
Bloomberg Law (subscription)
The EV Report
Financial Journey (30-minute in-depth interview with Alan Pollack on the lawsuit and its implications)
Warshaw Burstein, LLP is a full-service law firm in New York City, that since its formation 97 years ago, has distinguished itself through superior and cost-effective legal service and personalized client care and attention. For more information, please visit www.wbny.com or visit us on LinkedIn, Facebook and Twitter: @warshawburstein.
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the Company, visit www.MullenUSA.com.