Cision PR Newswire

NEW YORK, Nov. 10, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Lilium N.V. ("Lilium" or the "Company") (NASDAQ: LILM). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Lilium and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until January 6, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Lilium securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

 [Click here for information about joining the class action] 

On October 24, 2024, Lilium disclosed that it had been unable to secure government funding for two of its German subsidiaries and had not been able to raise sufficient additional funds to continue operations. As a result, the managing directors of the relevant subsidiaries have determined that they are overindebted and are, or will, become unable to pay their existing liabilities. 

On this news, Lilium's stock price fell $0.335 per share, or 61.5%, to close at $0.209 per share on October 24, 2024. 

Then, on November 4, 2024, Lilium 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 and stated that "funding for the Company is not feasible." As a consequence, Lilium would be "obliged to file for insolvency." 

On this news, Lilium's stock price fell $0.046 per share, or 46.72%, over the following two trading sessions, to close at $0.052 per share on November 5, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP