Bollinger Innovations Inc. directors and top executives falsely promoted the electric vehicle maker then known as Mullen Automotive Inc. so it would remain on the Nasdaq exchange, facilitating securities sales, an investor alleges.
The suit, filed Oct. 10 in federal court in California, comes just a day after Bollinger announced it was abandoning its effort to stay on Nasdaq and would begin trading on the over-the-counter market, effective Monday.
Mullen functioned “as a personal slush fund for its founder,” CEO David Michery, shareholder Paolo Nestori says in his derivative suit, filed in the US District Court for the Central District ...
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