Lilium NV and its top executives touted the jet maker’s “fundraising success” before disclosing that its main subsidiaries lacked sufficient funds to operate and announcing this week that it would file for insolvency, an investor alleges in a suit over the stock’s worst selloff ever.
Lilium, incorporated in the Netherlands with a principal place of business in Germany, violated US securities laws by misrepresenting its financial health, Markus Kloster says on behalf of a proposed class of investors. He filed his suit Thursday in the US District Court for the Southern District of New York.
The startup was developing an ...
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