EV Maker Bollinger Drops Manipulation Suit Against Brokerages

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Bollinger Innovations Inc., formerly known as Mullen Automotive Inc., and two of its investors have agreed to drop a lawsuit against three broker-dealers that they claimed drove down the electric vehicle maker's stock price through manipulation. The dismissal agreement, filed in the U.S. District Court for the Southern District of New York, does not indicate whether a settlement was involved, but it does bar the plaintiffs from re-filing the claims.

Why it matters

This case highlights the ongoing tensions between emerging EV companies, Wall Street brokerages, and allegations of stock price manipulation. As the EV market continues to evolve, disputes over trading practices and their impact on share values are likely to persist.

The details

Bollinger Innovations and its investors, IMC Financial Markets and Clear Street Markets LLC and an affiliate, had sued UBS Securities LLC, alleging the brokerages took actions that drove down Bollinger's stock price. The dismissal agreement does not provide any further details on the nature of the alleged manipulation or the reasons behind the decision to drop the lawsuit.

• The lawsuit was filed in the U.S. District Court for the Southern District of New York.
• The dismissal agreement was filed on March 17, 2026.