The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Lilium N.V. (“Lilium” or the “Company”) (NASDAQ: LILM) securities from March 30, 2021 through March 14, 2022, both dates inclusive (the “Class Period”). Investors have until June 17, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Lilium is 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, the Company filed with the SEC a current report on Form 8-K which was signed by Defendant Engle. The 8-K included, in pertinent part, a press release dated March 30, 2021 which announced the business combination of Qell Acquisition Corp. and Lilium GmbH (the “Merger Announcement Press Release”).
On March 14, 2022, in the morning during trading hours, 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”). The Iceberg Report stated that (1) Lilium materially overstates the Lilium Jet’s design and capabilities; (2) Lilium will not meet its certification timeline; (3) Lilium is unable to obtain or create its necessary batteries for the Lilium Jet; and (4) the SPAC-merger would not and did not generate enough cash to commercially launch the Lilium Jet. On this news, Lilium’s stock price declined by $1.25 per share, or approximately 33.88%, from $3.69 per share on March 11, 2022 to close at $2.44 per share on March 14, 2022.
The lawsuit alleges throughout the Class Period, the Registration Statement was materially false and misleading and omitted to state that: (1) Lilium materially overstates the Lilium Jet’s design and capabilities; (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 SPAC-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 the Merger; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.