Lilium N.V.

  • Active

Investigation
03/14/2022

Initial Lawsuit
04/18/2022

Lawsuit Progression
06/17/2022

Investigation

  • Continous Holding
    March 30, 2021 to March 14, 2022
  • Proposed Claim
    Securities Violation

Investors investigation focused on the Iceberg Research short seller thesis alleging misleading statements about the Jet design and capabilities, the required take-off and hovering time and the necessary electric power (required batteries).

Main Event

Iceberg Short - "Ambitious Claims"

03/14/2022

Research Report (Short)

Iceberg Research publishes a short thesis alleging Lilium’s “ambitious claims suggest a technological edge” but the “eVTOL fails the test of practicality” because “none of its flight demonstrators have delivered more than three minutes on test flights over the last seven years.”

“Many experts have raised serious doubts about the Jet’s ability to fly 155 miles. This is largely due to its configuration of 36 ducted fans (recently reduced to 30) that devour power during takeoff and landing (hovering), and leaves little power for actual flight.
Against these criticisms, Lilium argued that battery consumption would be minimized as little time would be spent in hover (take off and landing). One engineer told us that Lilium underestimates the hover time that will be required by aviation regulators.”

Lilium’s 180 days lock-up period post de-SPAC merger expires, allowing numerous insider shares to enter the market.

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$2.44 $3.69 $-1.25 -33.88%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 04/18/2022

This is a class action on behalf of persons or entities who purchased or otherwise acquired publicly traded Lilium securities between March 30, 2021 and March 14, 2022, inclusive.

  • Filing Date
    04/18/2022
  • Class Period
    03/30/2021 to 03/14/2022
  • Transgression
    Securities Violation
  • Filing Firms
    The Rosen Law Firm, P.A.
  • Case Title
    Gnanaraj v. Lilium N.V. et al
  • Docket Number
    2:22-cv-02564
  • Court
    California Central District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors 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 on September 14, 2021 between Qell Acquisition Corp., a special purpose acquisition company (SPAC) or blank check company, and Lilium GmbH; and
(6) as a result, defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.

Defendants

  • Company
    Lilium N.V. f/k/a Qell Acquisition Corp.
  • Founder
    Barry Engle
  • Chief Executive Officer
    Daniel Wiegand
  • Chief Financial Officer
    Geoffrey Richardson

Lawsuit progression

  • Docket Number
    2:22-cv-02564
  • Court
    California Central District Court

The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 10/07/2022.

[stockdio-historical-chart symbol=”LILM” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

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