Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 04, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Lilium N.V. f/k/a Qell Acquisition Corp. (NASDAQ: LILM, LILMW, QELL, QELLU, QELLW) ("Lilium " or the "Company") investors that a class action filed on behalf of investors that lost money on their Lilium stock. Lilium investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 14, 2022, Iceberg Research published a report, questioning Lilium’s technology for both its aircraft, the Lilium Jet, and its battery cells; its timeline for government certification for commercial flight; and a sale of more than 200 jets.
On this news, Lilium NV's share price plummeted thereby harming investors.
According to the lawsuit, Lilium and its executives made false and/or misleading statements and/or failed to disclose: (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; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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