Core Viewpoint - A class action has been filed against Fly-E Group, Inc. for allegedly misleading investors regarding its business prospects and revenue outlook during a specific period [1][2]. Company Overview - Fly-E Group, Inc. operates in the electric vehicle sector, designing, installing, and selling smart electric motorcycles, electric bikes, electric scooters, and related accessories under the Fly E-Bike brand in the United States, Mexico, and Canada [1]. Allegations - The complaint alleges that Fly-E Group misrepresented its revenue projections and sales expectations, creating a false impression of reliable business prospects [2]. - Defendants are accused of downplaying risks associated with lithium batteries, supply chain changes, and regulatory challenges while overstating the company's brand reputation and cost advantages [2]. Financial Performance - On August 14, 2025, Fly-E reported a significant 32% decrease in net revenue compared to the same period in 2024, primarily attributed to a decline in total units sold due to safety concerns regarding lithium batteries [3]. - Following the revenue announcement, Fly-E's stock price plummeted approximately 87%, from $7.76 per share to $1.00 per share within a single day [3]. Legal Proceedings - Shareholders may be eligible to participate in the class action against Fly-E Group, with options to serve as lead plaintiff or remain an absent class member [4]. - Robbins LLP, the law firm handling the case, operates on a contingency fee basis, meaning shareholders incur no fees or expenses unless a recovery is achieved [5].
FLYE Class Action Alert: Robbins LLP Reminds Investors of the Lead Plaintiff Deadline in the Fly-E Group, Inc. Class Action Lawsuit