Mullen’s $7.25 Million Investor Settlement Gets Court Assent (1)

Mullen Automotive Inc.‘s $7.25 million settlement got a federal court’s final approval to resolve investor allegations the electric car maker misrepresented its battery technology and manufacturing abilities surrounding its reverse merger to go public.

Judge Dolly M. Gee approved the settlement, tossing the claims against Mullen with finality, in the US District Court for the Central District of California on June 20.

She granted the lead class counsel more than $2.05 million in attorneys’ fees and $85,000 to cover litigation expenses in an accompanying order. Gee awarded lead plaintiff Mejgan Mirbaz $25,000 as a reimbursement.

The suit alleged ...