Mullen Automotive (NASDAQ:MULN) stock is feeling the heat again today as a short report from Hindenburg Research continues to drag the shares down.
Hindenburg Research released its report yesterday and gave MULN one heck of a walloping. The report called the company “the latest in a long line of EV hustles,” while claiming its two current offerings are just rebranded electric vehicles (EVs) from China.
The Hindenburg Research report goes further in-depth on why the firm believes MULN stock is a scam. That includes the poor state of its U.S. production facility, dubious battery testing claims, as well as Terren Peizer being its largest shareholder.
For the record, Peizer’s history as an investor should be enough to send up red flags, Hindenburg alleges. He has a habit of taking large stakes in stocks that see massive gains, only to crash and burn afterward. A few examples include Top Ships (NASDAQ:TOPS), MusclePharm (OTCMKTS:MSLP), and MedClean, which has been delisted.
Investors interested in MULN stock will definitely want to do their due diligence before taking a stake in the company. That includes reading through the Hindenburg Research report for themselves.
The continued slip in MULN stock today comes with light trading of its shares. That has around 48 million on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 120 million shares.
MULN stock is down 12.6% as of Thursday afternoon and is down 60.1% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.