SAN FRANCISCO, April 14, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Lilium N.V. (NASDAQ: LILM) investors and Qell Acquisition Corp. (NASDAQ: QELL, QELLU, QELLW) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Visit: https://www.hbsslaw.com/investor-fraud/LILM
Contact An Attorney Now: LILM@hbsslaw.com
844-916-0895
Lilium N.V. (LILM) Investigation:
The investigation focuses on Lilium’s statements leading up to and after its take public SPAC merger.
Specifically, the company has repeatedly touted the technical capabilities of its Lilium Jet, an electric vertical take-off and landing (“eVTOL”) jet, purportedly offering leading capacity, low noise, and high performance. The company also assured investors that current battery technology can support Lilium’s architecture and energy needs. The company has claimed that its Lilium Jet will have a 155-mile range at speeds of up to 175 mph and has ready access to required battery technology. Finally, the Company has touted its signing of a $1 billion deal with Azul to sell 220 aircraft to the Brazilian airline.
Lilium’s claims were brought into question on Mar. 14, 2022, when activist short-seller Iceberg Research published a report revealing that many experts have raised serious doubts about the Jet’s ability to fly 155 miles, largely due to its configuration of 36 inducted fans (recently reduced to 30) that devour power during takeoff and landing leaving little power for actual flight. According to the report, while “Lilium promises it has ready access to battery cells with energy density of 320-330 Wh/kg” one of the sources it relies on is a Lilium-owned associated company whose CEO was accused by GM of misrepresenting battery performance while at his previous company. Iceberg also said “[w]e believe the [Azul] deal is more akin to a ‘marketing agreement’: Lilium offered cheap shares to Azul in exchange for the right to market an established company as a partner.”
In response, the price of Lilium shares fell sharply lower.
“We’re focused on investors’ losses and whether Lilium misrepresented the commercial viability of its Jet,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Lilium and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Lilium should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LILM@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
