LONDON WALLET
  • Home
  • Investing
  • Business Finance
  • Markets
  • Industries
  • Opinion
  • UK
  • Real Estate
  • Crypto
No Result
View All Result
LONDON WALLET
  • Home
  • Investing
  • Business Finance
  • Markets
  • Industries
  • Opinion
  • UK
  • Real Estate
  • Crypto
No Result
View All Result
LondonWallet
No Result
View All Result

Mullen Automotive’s stock up 2.9% after company files suit against investors for using ‘spoofing’ to manipulate its share price

Clyde Edgerton by Clyde Edgerton
December 8, 2023
in Markets
Mullen Automotive’s stock up 2.9% after company files suit against investors for using ‘spoofing’ to manipulate its share price
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Trump's approval holds steady despite unpopular policies, per new NYT poll

Trump is selling a strong economy. Voters aren’t buying it.

Former Trump statistics chief slams Friday firing of Erika McEntarfer

Mullen Automotive Inc.’s stock
MULN,
-4.59%
rose 2.9% early Friday, after the electric vehicle maker filed a lawsuit against a group of investors for allegedly using “spoofing” to manipulate its share price between Nov. 9, 2021 and Nov. 9, 2023. Spoofing is the “submission and cancellation of buy and sell orders without the intention to trade in order to manipulate other traders,” the company said in a regulatory filing, citing the Securities and Exchange Commission’s definition. The SEC has described spoofing as a “harmful strategy” that is used by some high-frequency traders that creates the impression of substantial offer book imbalances as a way to manipulate prices. “During the relevant period defendants placed thousands of spoofing orders to sell to create the illusion that the share price of Mullen was declining. These orders were intended to “trick” or “bait” other investors into selling their shares which further drove Mullen’s share price downward,” said the filing. Mullen relied on the Nasdaq being an efficient market that was not being manipulated when it sold more than 5 billion shares at prices that it has since learned were artificially depressed by spoofing, causing the company to lose hundreds of millions of dollars, if not more, said the filing. The defendants in the suit are IMC, an Illinois limited liability company; Clear Street, a Delaware limited liability company; UBS, a Delaware limited liability company; and John Does 1 through 10, entities that include market makers, broker-dealers, subsidiaries, affiliates and sister companies of the defendants and defendants’ customers, whose identities are currently unknown. The suit has been filed in the Southern District of New York. Mullen’s stock has fallen 99.8% in the year to date, while the S&P 500
SPX,
+0.80%
has gained 19.4%.



Source link

Share30Tweet19
Previous Post

LyondellBasell to sell ethylene oxide & derivatives business to Ineos Oxide for $700 million

Next Post

Honeywell to buy security unit of Carrier for $5 billion

Clyde Edgerton

Clyde Edgerton

Recommended For You

Trump's approval holds steady despite unpopular policies, per new NYT poll
Markets

Trump's approval holds steady despite unpopular policies, per new NYT poll

September 30, 2025
Trump is selling a strong economy. Voters aren’t buying it.
Markets

Trump is selling a strong economy. Voters aren’t buying it.

September 13, 2025
Former Trump statistics chief slams Friday firing of Erika McEntarfer
Markets

Former Trump statistics chief slams Friday firing of Erika McEntarfer

August 3, 2025
Inside Trump’s chainsaw-wielding approach to one corner of government contracting
Markets

Inside Trump’s chainsaw-wielding approach to one corner of government contracting

May 25, 2025
Next Post
Honeywell to buy security unit of Carrier for  billion

Honeywell to buy security unit of Carrier for $5 billion

Related News

EVs are winning over largely conservative areas as buyers look to save money

EVs are winning over largely conservative areas as buyers look to save money

June 5, 2023
Diwali 2025: Where to celebrate the Hindu festival of lights in London

Diwali 2025: Where to celebrate the Hindu festival of lights in London

October 11, 2025
Leaked bids: Binance, Galaxy Digital among secret bidders for Celsius assets

Leaked bids: Binance, Galaxy Digital among secret bidders for Celsius assets

January 27, 2023

Browse by Category

  • Business Finance
  • Crypto
  • Industries
  • Investing
  • Markets
  • Opinion
  • Real Estate
  • UK

London Wallet

Read latest news about finance, business and investing

  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2025 London Wallet - All Rights Reserved!

No Result
View All Result
  • Checkout
  • Contact
  • Home
  • Login/Register
  • My account
  • Privacy Policy
  • Terms and Conditions

© 2025 London Wallet - All Rights Reserved!

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?