Courtesy of Lilium Securities Claims Against Lilium N.V. for Electric Plane Production Delays Fail to Take Flight, Federal Judge Holds
"In this case, Plaintiff cannot recast the alleged misrepresentations as a 'scheme' to avoid the [Private Securities Litigation Reform Act's] heightened pleading standards for alleged misrepresentations," U.S. District Judge Robin L. Rosenberg of the Southern District of Florida said.
August 28, 2024 at 12:43 PM
5 minute read
What You Need to Know
- A class action complaint against German-based aerospace company Lilium N.V. failed in a second attempt Aug. 23.
- The Private Securities Litigation Reform Act prevents companies from being held liable for future plans or projections, the court said.
- The plaintiffs' complaint cannot be amended following this dismissal, the court said.
A Florida federal judge found that statements made by a German aerospace company about its development of small electric planes did not constitute securities fraud or violate federal law because its disclosures were considered "forward-looking" and fell within the "safe harbor" provisions of the Private Securities Litigation Reform Act.
U.S. District Judge Robin L. Rosenberg of the Southern District of Florida granted Lilium N.V.'s motion to dismiss a second amended class action complaint from lead plaintiffs Maniraj Ashirwad Gnanaraj and Jonathan Coon on Aug. 23. The plaintiffs brought the class action on behalf of themselves and others who had purchased securities between March 30, 2021, and March 14, 2022, or held Qell securities, a company that merged with Lilium, as of July 16, 2021.
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Mastering Mediation: Insights from High-Stakes Negotiators
Automaker Pleads Guilty and Agrees to $1.6 Billion in Payouts
Law Firms Mentioned
Trending Stories
- 1'A Death Sentence for TikTok'?: Litigators and Experts Weigh Impact of Potential Ban on Creators and Data Privacy
- 2Bribery Case Against Former Lt. Gov. Brian Benjamin Is Dropped
- 3‘Extremely Disturbing’: AI Firms Face Class Action by ‘Taskers’ Exposed to Traumatic Content
- 4State Appeals Court Revives BraunHagey Lawsuit Alleging $4.2M Unlawful Wire to China
- 5Invoking Trump, AG Bonta Reminds Lawyers of Duties to Noncitizens in Plea Dealing
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
