American electric carmaker, Mullen Automotive (NASDAQ:MULN) announced Friday that the company is taking affirmative steps in light of the extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales as reported to the U.S. Securities and Exchange Commission.
The automaker has retained outside counsel to work closely with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling.
The investigation follows the firms equity falling from a high of over $20 in late 2020 to that of just $0.06 as of yesterday’s close.
“As a fiduciary to its shareholders, the Company will do everything in its power to address any evidence of improper trading in Mullen securities.” said Mullen in a press release.
Shares of MULN are up 0.59% in mid-day trading on Friday.