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
Litigation
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.
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