A lawsuit was filed on behalf of investors in Lilium N.V. (NASDAQ:LILM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/05/2022 -- An investor, who purchased shares of Lilium N.V. (NASDAQ: LILM), filed a lawsuit over alleged violations of Federal Securities Laws by Lilium N.V. f/k/a Qell Acquisition Corp. (NASDAQ: LILM, LILMW, QELL, QELLU, QELLW).
Investors who purchased shares of Lilium N.V. (NASDAQ: LILM)have certain options and for certain investors are short and strict deadlines running. Deadline: June 17, 2022. NASDAQ: LILM investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Wessling, Germany based Lilium N.V., a transportation company, engages in the research and development of electric vertical takeoff and jet for use in high-speed air transport system for people and goods.
On March 14, 2022, a report was published by Iceberg Research on Lilium N.V. The report alleges that experts have "raised serious doubts about" the Company's Lilium Jet reaching its target range of flying 155 miles based on "its configuration of 36 ducted fans (recently reduced to 30) that devour power during takeoff and landing (hovering), and leaves little power for actual flight." According to the report, while the Company "promises its Jet has ready access to battery cells," one battery supplier is an associated company whose CEO was "accused by General Motors of misrepresenting battery performance while at his previous company."
Shares of Lilium N.V. (NASDAQ: LILM) declined from $5.10 per share on March 9, 2022, to as low as $2.16 per share.
The plaintiff claims that between March 30, 2021 and March 14, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Lilium materially overstates the Lilium Jet's design and capabilities, that Lilium materially overstates the likelihood for the Lilium Jet's timely certification, that Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet, that the SPAC-merger would not and did not generate enough cash to commercially launch the Lilium Jet, that Qell Acquisition Corp. did not engage in proper due diligence regarding the Merger, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Lilium N.V. (NASDAQ: LILM) have certain options and should contact the Shareholders Foundation.
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