Overview

A class action lawsuit has been filed against Lilium N.V. (“Lilium” or the “Company”) (OTC BB: LILMF, LILMW) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws.  The Lilium class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded Lilium securities between June 11, 2024, and November 3, 2024, both dates inclusive (the “Class Period”).  Investors have until January 6, 2025 to seek appointment as lead plaintiff in the Lilium class action lawsuit.

Lilium, together with its consolidated entities, is a start-up aviation company which is engaged in the research and development of an electric vertical takeoff and landing jet (the “Lilium Jet”).  Lilium has been engaged in pre-order sales of the Lilium Jet as the Company purportedly finalizes its design, completes an ongoing certification process, and builds out manufacturing capacity.  On October 24, 2024, before the market opened, Lilium disclosed that it had been unable to raise sufficient additional funds to continue the operations of the Company’s principal operating wholly-owned German subsidiaries.  As a result, the managing directors of the subsidiaries determined that they are over-indebted and are, or will, become unable to pay their existing liabilities.  The Company disclosed that, subject to certain limited exceptions, the Company will lose control of the subsidiaries.

The Lilium class action lawsuit claims that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants overstated the progress of the Company’s fundraising activities; (2) Defendants overstated the likelihood and/or feasibility of obtaining sufficient funding to continue operations; (3) Defendants failed to sufficiently disclose the imminent insolvency of the Company and its subsidiaries; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired publicly traded Lilium securities between June 11, 2024, and November 3, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the Lilium class action lawsuit is January 6, 2025.