NEW YORK, Aug. 5, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Net Element, Inc. (“NETE” or the “Company”) (NASDAQ: NETE) in connection with the proposed merger of the Company with privately-held electric vehicle company Mullen Technologies, Inc. (“Mullen”). Under the terms of the agreement, NETE’s wholly owned subsidiary will merge with Mullen, with the shareholders of Mullen becoming owners of 85% of the outstanding common stock of NETE upon close of the merger. The remaining 15% of the combined surviving company will be owned by former NETE shareholders.
If you own NETE shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether NETE’s board was fully informed as to the valuation of the proposed merger given Mullen’s status as a privately-held company and prospective majority ownership of the combined company, whether the board acted to maximize shareholder value prior to entering into the merger agreement, and whether all information regarding the valuation of the deal will be available to NETE shareholders.
In light of the foregoing, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org
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SOURCE WeissLaw LLP