SAN DIEGO–(BUSINESS WIRE)–$LILM #LiliumJet–Shareholder rights law firm Robbins LLP is investigating Lilium N.V. (NASDAQ: LILM, LILMW, QELL, QELLW) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws regarding the Company’s ability to launch the Lilium Jet. Lilium purports to be a next-generation transportation company focused on developing an electric vertical take-off-and-landing (“eVTOL”) aircraft for use in a new type of high-speed air transportation for people and goods.
If you would like more information about our investigation into Lilium N.V.’s misconduct, click here.
What is this Case About: According to a complaint filed against Lilium, the documents filed in support of the business combination between it and Qell Acquisition Corp. touted the Company’s technology, team, and resources, and explained that the money raised from the business combination would “be used to fund the commercial launch of Lilium’s 7-Seater Jet.” However, defendants failed to disclose that Lilium had overstated the Lilium Jet’s design and capabilities and its timely certification. Further, Lilium misrepresented its ability to obtain or create the necessary batteries for the Lilium Jet and failed to disclose the merger would not generate enough cash to commercially launch the Lilium Jet.
On March 14, 2022, market analyst Iceberg Research released a report entitled “LILIUM NV – THE LOSING HORSE IN THE EVTOL RACE,” which detailed the current state of Lilium. Specifically, the report contends that Lilium is not on track to meet its certification timeline, the energy density of battery cells required by Lilium are currently not available commercially, and the Company only has 18 more months of cash on hand. On this news, Lilium’s stock price fell 34% per share, to close at $2.44 per share on March 14, 2022.
Next Steps: If you acquired shares of Lilium N.V. (LILM) between March 30, 2021 and March 14, 2022, you have legal options. Contact us for more information.
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