Mullen Automotive Inc MULN shares are volatile in early trading. The company announced the retention of Chistian Attar to combat naked short selling activities Wednesday morning.
What Happened: Mullen said it has received reports that led it to believe it may have been the target of a "market manipulation scheme" involving illegal naked short selling.
The company has retained Christian Attar, in partnership with Warshaw, Burstein, LLP, to investigate and expose any potential wrongdoing. Christian Attar has collected millions of dollars in aggregate damages on behalf of prior clients fighting against market manipulation schemes.
"Since our announcement on April 28, we have been actively investigating naked short selling and we now have enough intel to have the law firm actively investigate and, where justified, take action against any market manipulators using naked short selling, spoofing or other illegal acts," said David Michery, CEO and chairman of Mullen.
Mullen previously announced that it was taking affirmative steps to address concerns regarding "extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales."
See Also: Why Is Nikola Stock Trading Lower Wednesday?
MULN Price Action: Mullen shares were up 6.54% at 11 cents at the time of publication, according to Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
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