Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Lilium N.V. f/k/a Qell Acquisition Corp. who purchased shares between March 30, 2021 and March 14, 2022.
Lilium and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 14, 2022, market analyst Iceberg Research issued a report on the Company’s electric vertical take-off and landing production aircraft, Lilium Jet, highlighting numerous significant problems in design, capability and testing performance as well as other supply and company-wide issues.
On this news, shares of Lilium fell $1.25 per share, or 34%, to close at $2.44 per share on March 14, 2022, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 17, 2022 to request that the court appoint them lead plaintiff.