According to the Complaint, Lilium N.V., together with its consolidated entities, is a start-up aviation company which is engaged in the research and development of an electric vertical takeoff and landing jet (the “Lilium Jet”). Lilium has been engaged in pre-order sales of the Lilium Jet as the Company purportedly finalizes its design, completes an ongoing certification process, and builds out manufacturing capacity. This class action was filed against the Company and two of its Officers.

On November 4, 2024, Lilium reported that, following the insolvency of the Company’s subsidiaries, the Company 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.”

The Complaint 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, the Complaint alleges 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.

On November 15, 2024, the Court issued an Order transferring the case to the Southern District of Florida. The case transferred in under Docket 24-CV-81428.

On February 28, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 26.