The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lilium N.V. f/k/a Qell Acquisition Corp. (NASDAQ: LILM) who purchased shares between March 30, 2021 and March 14, 2022. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
(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.
Shareholders have until June 17, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
To learn more and keep informed, complete this form >