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Mullen Automotive (MULN) Plunges 13.48% Amid Investigation

Mover TrackerWednesday, Apr 23, 2025 6:26 pm ET

1min read

Mullen Automotive (MULN) has experienced a significant decline of 13.48% today, marking its 15th consecutive day of losses. Despite this recent downturn, the stock has surged by 595.42% over the past 15 days, reflecting the volatile nature of the market.

One of the key factors influencing Mullen Automotive's stock price is the ongoing investigation by Bragar Eagel & Squire, P.C. This investigation is focused on whether the board of directors of Mullen has breached their fiduciary duties to the company. Such legal scrutiny can create uncertainty and negatively impact investor confidence, leading to fluctuations in the stock price.

On the other hand, Mullen Automotive has secured a significant order worth $1.4 million from Cashflow on Wheels. This order not only demonstrates the company's growing market presence but also provides a substantial revenue stream. Additionally, the company has received IRS approval for federal EV tax credits on its commercial vehicles, which were designated as Qualified Manufacturers as of September 2023. This approval can enhance the company's financial outlook and attractiveness to investors, potentially mitigating the negative impact of the ongoing investigation.

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