Lilium Class Action Lawsuit LILM | Deadline June 17, 2022
Lilium Class Action Lawsuit
Lilium N.V. f/k/a Qell Acquisition Corp. is facing a class action lawsuit (Lilium Class Action Lawsuit) alleging that the Company made materially false and/or misleading statements and/or failed to disclose that:
(1) Lilium materially overstates the design and capabilities of the Lilium Jet, an electric vertical take-off-and-landing aircraft for use in a new type of high-speed air transport system for people and goods; (2) Lilium materially overstates the likelihood for the Lilium Jet’s timely certification; (3) Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet; (4) the special purpose acquisition company merger 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 its merger with Lilium GmbH; and (6) as a result, Defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.
If you incurred a loss on LILM stocks purchased between March 30, 2021 and March 14, 2022, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Central District of California, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until June 17, 2022 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
Lilium Class Action
An investor rights law firm, NEW YORK-(BUSINESS WIRE)-#Action-Bragar Eagel & Squire, P.C., notifies investors that a class action complaint has been brought against Lilium N.V. (NASDAQ: LILM) on behalf of all individuals and businesses that purchased or otherwise acquired Lilium securities between March 30, 2021 and March 14, 2022, inclusive (the “Class Period”), in the United States District Court for the Central District of California. Investors can ask the court to appoint them as the case’s lead plaintiff until June 17, 2022.
Federal securities laws were allegedly broken by Lilium and a few of its officers during the Class Period by neglecting to disclose important information. Market researcher Iceberg Research published a report on the Company’s electric vertical take-off and landing production aircraft, Lilium Jet, on March 14, 2022. The report outlined numerous significant design, capability, and testing performance issues, as well as other supply and business-wide issues. As a result of this information, shares of Lilium dropped $1.25, or 34%, to close at $2.44 on March 14, 2022, with exceptionally high trading activity.
LILM Class Action Lawsuit
The lawsuit claims that the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Lilium materially overstates the design and capabilities of the Lilium Jet; (2) Lilium materially overstates the likelihood for the Lilium Jet to be certified in a timely manner; (3) Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet; and (4) the SPAC-merger would not and did not generate enough money to commercialize the Lilium Jet Investors allegedly experienced losses when the real information hit the market.
LILM Class Action
A new sort of high-speed air transport system for people and commodities is being developed by Lilium, which describes itself as a next-generation transportation corporation, and is called the Lilium Jet. The business merger between Lilium GmbH and Qell Acquisition Corp., a special purpose acquisition company (“SPAC”) or blank check corporation, was announced on March 30, 2021. The ticker symbol for Lilium’s shares prior to the September 14, 2021 merger was QELL.
Any investor who bought Lilium securities during the Class Period is eligible to apply for appointment as lead plaintiff under the Private Securities Litigation Reform Act of 1995. A lead plaintiff is typically the petitioner who has the largest financial stake in the remedy the putative class is seeking and who is also representative and sufficient of the putative class. The Lilium class action lawsuit is managed by a lead plaintiff on behalf of the whole class. The Lilium class action case can be litigated by the lead plaintiff’s choice of law firm. It is not necessary to be the lead plaintiff in order for an investment to be eligible to share in any eventual Lilium class action settlement.
All-electric jets with vertical takeoff and landing are created by Lilium NV. The company’s primary goal is to create an eVTOL aircraft for use in a brand-new high-speed system for moving passengers and cargo. It makes use of the Lilium Jet to speed the decarbonization of air travel while providing low noise, great performance, and zero operating emissions. The company’s headquarters are in Wessling, Germany, and it was established on March 11, 2021.
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LILM Class Action Lawsuit
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