SAN FRANCISCO, May 09, 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.
Class Period: Mar. 30, 2021 – Mar. 14, 2022
Lead Plaintiff Deadline: June 17, 2022
Visit: https://www.hbsslaw.com/investor-fraud/LILM
Contact An Attorney Now: LILM@hbsslaw.com
844-916-0895
Lilium N.V. (LILM) Securities Fraud Class Action:
Before and since Lilium went public through a SPAC merger, Lilium has repeatedly touted the technical capabilities of its Lilium Jet, assured investors that current battery technology can support Lilium’s architecture and energy needs, 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.
The complaint alleges that Defendants: (1) materially overstated the Lilium Jet’s design and capabilities; (2) misrepresented the likelihood for the Lilium Jet’s timely certification; (3) falsely assured investors of its ability to obtain or create the necessary batteries for the Lilium Jet; (4) omitted to disclose that the SPAC merger would not and did not generate enough cash to commercially launch the Lilium Jet; and, (5) concealed that the SPAC did not conduct proper due diligence regarding the merger.
On Mar. 14, 2022, 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. 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.”
“We’re focused on investors’ losses and proving 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.
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Contact:
Reed Kathrein, 844-916-0895
