HomeFinancial MarketsMullen CEO David Michery Blames “Unlawful Trading Practices” for Underperforming Stock

Mullen CEO David Michery Blames “Unlawful Trading Practices” for Underperforming Stock

American EV maker Mullen continues to have an underperforming stock on their hands, and it appears the company believes a foul play might be behind all of that. Mullen shares saw another dip this week, losing 5.5% of its value on Thursday and then crashing another 5% in after-hours trading. 

The company’s CEO David Michery addressed the struggling stock in a note to shareholders, saying that the trading price of shares isn’t a good indicator of the company’s worth.

“I am very disappointed by the performance of our stock,” Michery wrote. “I do not believe the trading price of our stock even closely resembles the company’s actual value. It is evident that, regardless of meeting significant corporate milestones (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.”

Michery went as far as saying that “unlawful trading practices” might be behind Mullen’s unsuccessful attempts to get its stock price up.

Mullen initiated several reverse-stock splits in recent months in order to stay above NASDAQ’s minimum price of $1 per share. The company had a 1-for-25 reverse stock split in May and then a 1-for-9 reverse stock split in early August. However, the price of shares hasn’t been able to take off even after these measures.

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...

iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller

2024 is shaping up to be a challenging year for tech giant Apple. The company saw its iPhone shipments drop by almost 10% in...