The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Lilium N.V. f/k/a Qell Acquisition Corp. (NASDAQ: LILM; LILMW) publicly traded securities between March 30, 2021 and March 14, 2022, inclusive (the “Class Period”) have until June 17, 2022 to seek appointment in Gnanaraj v. Lilium N.V. f/k/a Qell Acquisition Corp., No. 22-cv-02564 (C.D. Cal.). Commenced on April 18, 2022, the Lilium class action lawsuit charges Lilium as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the Lilium class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Lilium class action lawsuit must be filed with the court no later than June 17, 2022.
CASE ALLEGATIONS: 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. On March 30, 2021, Qell Acquisition Corp. – a special purpose acquisition company (“SPAC”) or blank check company – and Lilium GmbH announced their business combination. Prior to the September 14, 2021 merger, Lilium’s shares traded under the ticker symbol QELL.
The Lilium class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Lilium materially overstated the Lilium Jet’s design and capabilities; (ii) Lilium materially overstated the likelihood for the Lilium Jet’s timely certification; (iii) Lilium misrepresented its ability to obtain or create the necessary batteries for the Lilium Jet; (iv) the SPAC-merger would not and did not generate enough cash to commercially launch the Lilium Jet; (v) Qell Acquisition Corp. did not engage in proper due diligence regarding the merger; and (vi) 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 Lilium entitled “LILIUM NV – THE LOSING HORSE IN THE EVTOL RACE” which detailed several alleged issues with Lilium. For example, the Iceberg Research report stated that: (i) regarding the Lilium Jet’s design and capabilities, “[i]ts objective is for the Jet to fly up to 155 miles” “[b]ut none of Lilium’s demonstrators have flown for more than three minutes even after seven years of work”; (ii) regarding the Lilium Jet’s certification prospects and timing, “Lilium is likely to miss the 2023 target by miles” as “[i]t has completed less than 50 test flights on its fourth and fifth (current) demonstrators”; (iii) regarding Lilium’s ability to obtain or create the necessary batteries for the Lilium Jet, “[w]e believe that Lilium voluntarily misrepresented its access to batteries to raise SPAC money, despite not having the battery technology”; and (iv) regarding the SPAC-merger and its generation of enough cash to commercially launch the Lilium Jet, “with a cash runway of 18 months, Lilium will have no choice but to forcibly dilute shareholders through additional fundraisings, while its commercialization effort lags peers.” On this news, Lilium’s stock price fell by approximately 34%, damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Lilium publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Lilium class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Lilium class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Lilium class action lawsuit. An investor’s ability to share in any potential future recovery of the Lilium class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit http://www.rgrdlaw.com for more information.
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Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
