According to the Complaint, Mullen Automotive, Inc. purports to be an electronic vehicle manufacturer.

On June 15, 2020, the Company issued a press release announcing a merger with and into Net Element, Inc. On November 5, 2021, Mullen Technologies, Inc. underwent a merger with and into Net Element, Inc., and the Company changed its name to Mullen Automotive, Inc.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Mullen overstates its ability and timeline regarding production; (2) Mullen overstates its deals with business partners, including Qiantu Motors; (3) Mullen overstates its battery technology and capabilities; (4) Mullen overstates its ability to sell its branded products; (5) Net Element did not conduct proper due diligence into Mullen Technologies; (6) the Dragonfly K50 was not (solely) delayed due to the COVID-19 pandemic; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On August 4, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-03026.

Lead Plaintiff filed a Consolidated Amended Complaint on September 23, 2022. Defendants filed a Motion to Dismiss the Consolidated Amended Complaint on November 22. On September 28, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On August 14, 2024, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 13. On June 20, 2025, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.