Lilium N.V. (fka Qell Acquisition Corp.)


Class Period Start: 03/30/2021

Class Period End: 03/14/2022

Registration Deadline: 06/17/2022

A securities class action has been filed in the USDC – C.D.CA. against Lilium N.V. (f/k/a Qell Acquisition Corp.) on behalf of persons or entities who purchased or otherwise acquired publicly traded Lilium securities between March 30, 2021 through March 14, 2022.

On March 14, 2022, market analyst 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 “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%, to close at $2.44 per share on March 14, 2022.


The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

    • Lilium materially overstates the Lilium Jet’s design and capabilities;
    • Lilium materially overstates the likelihood for the Lilium Jet’s timely certification;
    • Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet;
    • the SPAC-merger would not and did not generate enough cash to commercially launch the Lilium Jet;
    • Qell Acquisition Corp. did not engage in proper due diligence regarding the Merger; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.


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