Did you lose money on investments in Lilium N.V.? If so, please visit Lilium N.V. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, April 19, 2022 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Lilium N.V. f/k/a Qell Acquisition Corp. ("Lilium" or the "Company") (NASDAQ: LILM, LILMW, QELL, QELLU, QELLW) between March 30, 2021 and March 14, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934.
Defendant Lilium purports to be a next-generation transportation company focused on developing an electric vertical take-off-and-landing ("eVTOL") aircraft, the Lilium Jet, for use in a new type of high-speed air transport system for people and goods. According to the Company's March 30, 2021 press release, the Lilium 7-Seater Jet has a projected cruise speed of 175 mph at 10,000 feet and a range of 155+ miles, including reserves. In the same release, the Company stated that proceeds from its merger with Qell Acquisition Corp. ("Qell") were intended to fund the launch of commercial operations, planned for 2024. This included the finalization of serial production facilities in Germany, launch of serial production aircraft and completion of type certification.
Plaintiff alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lilium materially overstated the Lilium Jet's design and capabilities; (2) Lilium materially overstated the likelihood for the Lilium Jet's timely certification; (3) Lilium misrepresented its ability to obtain or create the necessary batteries for the Lilium Jet; (4) the merger with Qell would not and did not generate enough cash to commercially launch the Lilium Jet; (5) Qell Acquisition Corp. did not engage in proper due diligence regarding the merger; and (6) as a result, Defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times.
On March 14, 2022, market analyst Iceberg Research released a report regarding the Company entitled "LILIUM NV – THE LOSING HORSE IN THE EVTOL RACE" which detailed several alleged issues with the Company (the "Iceberg Report"). Among other things, the Iceberg Report expressed doubts about Lilium's claims that its vehicle can fly 155 miles and the report estimated the Company had about 18 months before it would run out of cash.
On this news, Lilium's stock price fell almost 34%, to close at $2.44 per share on March 14, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than June 17, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Lilium securities, and/or would like to discuss your legal rights and options please visit Lilium N.V. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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SOURCE Bernstein Liebhard LLP
