NEW ORLEANS, May 27, 2022 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 17, 2022 to file lead plaintiff applications in a securities class action lawsuit against Lilium N.V. f/k/a Qell Acquisition Corp. (NasdaqGS: LILM, LILMW, QELL, QELLU, QELLW), if they purchased the Company's securities between March 30, 2021 and March 14, 2022, inclusive (the "Class Period"). This action is pending in the United States District Court for the Central District of California.

What You May Do

If you purchased securities of Lilium and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-lilm/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 17, 2022.

About the Lawsuit

Lilium and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On March 14, 2022, market analyst Iceberg Research issued a report on the Company's electric vertical take-off and landing production aircraft, Lilium Jet, highlighting numerous significant problems in design, capability and testing performance as well as other supply and company-wide issues.

On this news, shares of Lilium fell $1.25 per share, or 34%, to close at $2.44 per share on March 14, 2022, on unusually heavy trading volume.

The case is Gnanaraj v. Lilium N.V., et al., No. 22-cv-2564.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163

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SOURCE Kahn Swick & Foti, LLC