According to the Complaint, Lilium N.V. purports to be a next-generation transportation company focused on developing an electric vertical take-off-and-landing (“eVTOL”) aircraft, the Lilium Jet, for use in a new type of high-speed air transport system for people and goods.

Lilium N.V. was created through the merger on September 14, 2021 between Qell Acquisition Corp., a special purpose acquisition company (“SPAC”) or blank check company, and Lilium GmbH.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Lilium materially overstates the Lilium Jet's design and capabilities; (2) Lilium materially overstates the likelihood for the Lilium Jet's timely certification; (3) Lilium misrepresents its ability to obtain or create the necessary batteries for the Lilium Jet; (4) the SPAC-merger would not and did not generate enough cash to commercially launch the Lilium Jet; (5) 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.

On February 13, 2023, the case was transferred to the Southern District of Florida under Docket 23-CV-80232. On February 16, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 10. Defendants filed a Motion to Dismiss the amended Complaint on May 12. On January 3, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a second amended Complaint on January 24, 2024. Defendants filed a Motion to Dismiss the second amended Complaint on March 11. On August 23, the Court issued an Order granting Defendants' Motion to dismiss. The Court's dismissal was without leave to amend.