Core Viewpoint - A class action lawsuit has been filed against Fly-E Group, Inc. for allegedly making false and misleading statements regarding its lithium battery technology and its impact on the company's revenue from electric vehicles [1][3]. Summary by Relevant Sections Class Action Details - The lawsuit seeks to recover losses for investors who purchased Fly-E securities between July 15, 2025, and August 14, 2025 [1]. - Investors have until November 7, 2025, to seek appointment as lead plaintiff if they suffered losses during the Class Period [2]. Allegations Against Fly-E Group - The lawsuit claims that Fly-E Group and certain officers failed to disclose safety issues with their lithium battery technology while making positive public statements [3]. - Allegations include that these undisclosed safety and regulatory concerns negatively affected revenue from the company's electric vehicle business, including e-bikes and e-scooters [3]. - The complaint also asserts that the company's forecasts lacked a reasonable basis, failing to account for rising operating costs, supply chain risks, and demand fluctuations [3]. - Following the revelation of these issues, the company's stock price declined as investors reacted to the disclosures [3].
Johnson Fistel Announces Class Action Lawsuit Against Fly-E Group, Inc. (FLYE) on Behalf of Investors