SAN FRANCISCO, April 22, 2022 /PRNewswire/ -- 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
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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.
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