Investor Alert: Upcoming Deadline in Lilium N.V. Class Action Lawsuit

LOS ANGELES, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP ("GPM") is reminding investors about an important deadline regarding the class action lawsuit against Lilium N.V. ("Lilium" or the "Company"). Investors who bought or acquired Lilium securities, specifically LILM, LILMF, during the period from June 11, 2024 to November 3, 2024, should be aware that the deadline to file a lead plaintiff motion is January 6, 2025.

If you have incurred financial losses due to your investment in Lilium, or if you are interested in pursuing claims to recover your losses under the federal securities laws, you can reach out for assistance. Please provide your contact details at www.glancylaw.com/cases/Lilium-NV/ or contact Charles H. Linehan at GPM by calling 310-201-9150, toll-free at 888-773-9224, or via email at [email protected].

On October 24, 2024, Lilium announced significant financial difficulties, revealing that it had failed to raise enough funds to continue operations effectively. Consequently, the managing directors of their wholly-owned subsidiaries in Germany stated they were overindebted, facing impending insolvency. This news prompted Lilium's stock to drop by $0.33, equivalent to a 61.6% decline, leading to a closing price of $0.21 per share, amid a backdrop of unusually high trading volumes.

The decline did not end there; on October 25, shares plummeted further, decreasing by $0.06 (28.8%) to close at $0.15 per share.

Then, on November 4, 2024, Lilium faced even graver news, confirming that they had not secured sufficient funding following the insolvencies of their subsidiaries. The Company stated that further funding seemed unfeasible and that it would soon have to file for insolvency. This announcement led to a further drop in Lilium’s stock, which fell by $0.015 (15.5%) closing at $0.083 per share on the same day and then dropped another $0.031 (36.97%) to $0.052 per share on November 5, 2024.

The allegations in the complaint filed for this class action indicate that throughout the Class Period, the defendants made false and misleading statements while failing to disclose crucial information about the Company's financial health. Specifically, it was claimed that they overstated the progress of Lilium’s fundraising efforts, misrepresented the feasibility of acquiring necessary funding, and did not adequately warn investors about the imminent insolvency risks facing the Company and its subsidiaries. The outcome of these misleading statements may have materially influenced the investors' perceptions and decisions.

If you are among those who purchased Lilium securities during the designated timeframe, you are encouraged to consider moving the Court by January 6, 2025 to seek lead plaintiff status in this class action lawsuit. It is essential to note that you don’t have to do anything right away to remain part of the class action. You may choose to hire legal counsel or decide to remain an absent member of the class. Should you have questions regarding the class action or wish to know more about your rights, please contact Charles Linehan, Esquire, at GPM, located at 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, by dialing 310-201-9150 or toll-free at 888-773-9224. Additionally, you may email [email protected] or visit our website for more information. If you choose email, please include your mailing address, phone number, and the number of shares purchased.

This announcement may be considered Attorney Advertising in certain jurisdictions based on applicable laws and ethical rules.

Lilium, lawsuit, investors