Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lilium N.V. (LILM, LILMF)

/EIN News/ -- LOS ANGELES, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 6, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Lilium N.V. (“Lilium” or the “Company”) (NASDAQ: LILM, LILMW; OTC: LILMF) securities between June 11, 2024 and November 3, 2024, inclusive (the “Class Period”).

If you suffered a loss on your Lilium investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Lilium-NV/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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 overindebted 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.

On this news, Lilium’s stock price fell $0.33, or 61.6%, to close at $0.21 per share on October 24, 2024, on unusually heavy trading volume. The Company’s stock price continued to fall in the subsequent trading day, falling $0.06, or 28.8%, to close at $0.15 per share on October 25, 2024, on unusually heavy trading volume.

Then, on November 4, 2024, before the market opened, the Company reported that, following the insolvency of the Company’s subsidiaries, Lilium had not been able to raise sufficient additional funds to conduct its ongoing business consistent with past practice. The Company disclosed that “funding for the Company is not feasible.” As a consequence, the Company would be “obliged to file for insolvency.”

On this news, Lilium’s stock price fell $0.015, or 15.5%, to close at $0.083 per share on November 4, 2024, on unusually heavy trading volume. The Company’s stock price continued to fall in the subsequent trading day, falling $0.031, or 36.97%, to close at $0.052 per share on November 5, 2024, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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 Lilium securities during the Class Period, you may move the Court no later than January 6, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com