INVESTOR ALERT: Lilium NV f/k/a Qell Acquisition Corp. Investors Suffering Substantial Losses Have Opportunity to File Class Action
SAN DIEGO, April 30, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers or acquirers of Lilium NV f/k/a Qell Acquisition Corp. (NASDAQ: LILM; LILMW) traded securities between March 30, 2021 and March 14, 2022the two dates included (the “Class Period”) have until June 17, 2022 request an appointment in Gnanaraj vs. Lilium NV f/k/a Qell Acquisition Corp., no. 22-cv-02564. Started in the central district of California on April 18, 2022the Lilium The class action accuses Lilium and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as the lead plaintiff of the Lilium class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Lilium class action must be filed with the court no later than June 17, 2022.
CASE ALLEGATIONS: Lilium claims 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 large-scale air transportation system. speed for people and goods. On March 30, 2021, Qell Acquisition Corp. – a special purpose acquisition company (“SPAC”) or blank check company – and Lilium GmbH have announced their business combination. Before the September 14, 2021 merger, Lilium’s shares were traded under the symbol QELL.
the Lilium The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) Lilium significantly exaggerated the design and capabilities of the Lilium Jet; (ii) Lilium significantly overestimated the likelihood of timely certification of the Lilium Jet; (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 sufficient cash to commercially launch the Lilium Jet; (v) Qell Acquisition Corp. failed to exercise due diligence regarding the merger; and (vi) as a result, the defendants’ public statements and statements to reporters were materially false and/or misleading at all relevant times.
On March 14, 2022, market analyst Iceberg Research has released a report regarding Lilium titled “LILIUM NV – THE LOSING HORSE IN THE EVTOL RACE” which details several alleged issues with Lilium. For example, the Iceberg Research report stated that: (i) regarding the design and capabilities of the Lilium Jet, “[i]his goal is for the Jet to fly up to 155 miles” “[b]but none of the Lilium demonstrators flew more than three minutes even after seven years of work”; (ii) regarding Lilium Jet’s outlook and certification schedule, “Lilium risks missing the 2023 target by several miles” because “[i]has performed less than 50 test flights on its (current) fourth and fifth demonstrators”; (iii) regarding Lilium’s ability to obtain or create the necessary batteries for the Lilium Jet, “[w]We believe Lilium intentionally misrepresented its access to batteries to raise SPAC funds, despite not having the battery technology”; and (iv) regarding the SPAC merger and its generation of sufficient cash to commercially launch the Lilium Jet, “with an 18-month cash trail, Lilium will have no choice but to forcibly dilute shareholders through fundraising additional funds, while its marketing effort is lagging behind its peers.” At this news, Lilium’s share price fell about 34%, hurting investors.
Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to researching and prosecuting fraud on behalf of aggrieved SPAC investors. The rise of blank check funding presents unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, honesty and fairness in this rapidly developing area of investment.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased securities of Lilium during the Class Period to seek appointment as lead plaintiff in the Lilium class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Lilium class action. The main plaintiff can select a law firm of his choice to plead Lilium class action. An investor’s ability to participate in any potential future rally in the Lilium the class action does not depend on the status of principal 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 in 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 company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recoveries ever – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudmann & Dowd LLP
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