Bragar Eagel & Squire, P.C. Is Investigating Mullen, Stryker, and CIRCOR and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
Apr 20, 2022, 9:00 PM ET
NEW YORK, April 20, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Mullen Automotive, Inc. (NASDAQ: MULN), Stryker Corporation (NYSE: SYK), and CIRCOR International, Inc. (NYSE: CIR). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Mullen Automotive, Inc. (NASDAQ: MULN)
On April 6, 2022, Hindenburg Research ("Hindenburg") published a report addressing Mullen, entitled "Mullen Automotive: Yet Another Fast Talking EV Hustle", calling the Company among the worst electric vehicle ("EV") hustles that Hindenburg has seen in a crowded field of contenders such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that "[d]espite only spending ~$3 million in R&D in 2021, Mullen claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions on solving the problem." The Hindenburg report also alleged that the Chief Executive Officer of EV Grid, Inc. ("EV Grid"), which makes batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding test results for its battery, stating "[w]e never would have said that" and "[w]e never did say it and certainly wouldn't have said it based on the results of testing that battery." Additionally, the Hindenburg report alleged that Mullen's claims to be in a joint venture with NextMetals Ltd. ("NextMetals") to create a solid-state battery were refuted by a NextMetals senior executive who said it "‘was a nonstarter' and ‘didn't exist.'"
On this news, Mullen's stock price fell $0.07 per share, or 2.57%, to close at $2.65 per share on April 6, 2022.
For more information on the Mullen investigation go to: https://bespc.com/cases/MULN
Stryker Corporation (NYSE: SYK)
Stryker is a medical technology company that operates through two segments: MedSurg and Neurotechnology and Orthopedics and Spine.
On April 6, 2022, Spruce Point Capital Management (Spruce Point) published a report alleging that Stryker has failed to disclose certain material facts to investors concerning its operations. Specifically, Spruce Point stated that it "Finds Evidence That Stryker Has Failed to Disclose Inventory Accounting Challenges and Made Various Changes to Accounting Policies Designed to Flatter Its Performance, Using Greater Non-GAAP Adjustments to Portray Margin Stability and Earnings Growth.” Additionally, the report indicated among other things, that Stryker has concealed from investors that its true exposure to elective procedures adversely impacted by the COVID-19 pandemic was 50% of sales; that a critical ERP project to unify over 40 systems failed miserably; and that critical materials inventory continues to be hampered by supply chain challenges and inflationary pressures.
Following this news, the price of Stryker shares was down over 4% in early morning trading on April 6, 2022.
For more information on the Stryker investigation go to: https://bespc.com/cases/SYK
CIRCOR International, Inc. (NYSE: CIR)
On March 14, 2022, CIRCOR disclosed that it may restate financial results dating to 2018 due to accounting irregularities related to its pipeline engineering unit. The Company stated that the irregularities appear to be “in the range of $35 to $45 million of pre-tax income on a cumulative basis over a period of at least five years.”
On this news, the Company’s stock fell as much as 2.4% during after-hours trading on March 14, 2022.
For more information on the CIRCOR investigation go to: https://bespc.com/cases/CIR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.