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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Lilium N.V. f/k/a Qell Acquisition Corp. - LILM; QELL
News provided byPomerantz LLP
Jun 08, 2022, 10:15 PM ET
NEW YORK , June 8, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Lilium N.V. f/k/a Qell Acquisition Corp. ("Lilium" or the "Company") (NASDAQ: LILM) (NASDAQ: QELL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Lilium and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 14, 2022, Iceberg Research published a short report entitled "Lilium NV – The Losing Horse in the eVTOL [electric vertical take-off and landing aircraft] Race" (the "Iceberg Report"). The Iceberg Report asserted, among other issues, that "[m]any experts have raised serious doubts about" the viability of the Company's Lilium Jet reaching its objective of "fly[ing] up to 155 miles[,]" citing "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." The Iceberg Report also noted that while "Lilium promises its Jet has ready access to battery cells with energy density of 320-330 Wh/kg[,]" "[o]ne of the sources it relies on to show these batteries are within reach is . . . a 34.8% Lilium-owned associated company whose CEO Sujeet Kumar was accused by General Motors of misrepresenting battery performance, while at his previous company Envia Systems." The Iceberg Report further noted that Lilium's Chief Executive Officer "had no meaningful professional aerospace experience before starting Lilium in 2015" and "estimate[d] that Lilium has about 18 months before its cash runs dry."
On this news, Lilium's stock price fell $1.25 per share, or 33.88%, to close at $2.44 per share on March 14, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
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SOURCE Pomerantz LLP