Core Viewpoint - Fly-E Group, Inc. is facing a class action lawsuit due to allegations of providing misleading statements regarding the safety of its lithium batteries, which negatively impacted its electric vehicle sales and revenue projections [1]. Summary by Relevant Sections Allegations - The complaint claims that Fly-E Group made overly positive statements while concealing material adverse facts about the safety of its lithium batteries, leading to a significant decline in E-vehicle sales revenue [1]. - On August 14, 2025, Fly-E reported a 32% decrease in net revenues, primarily due to a drop in total units sold, which was attributed to recent lithium-battery accidents involving E-Bikes and E-Scooters [1]. Stock Price Impact - Following the revelation of the financial difficulties, Fly-E's stock price plummeted from $7.76 per share on August 14, 2025, to $1.00 per share on August 15, 2025, marking an approximate decline of 87% in just one day [1]. Class Action Details - Shareholders who purchased shares during the class period from July 15, 2025, to August 14, 2025, are encouraged to register for the class action, with a lead plaintiff deadline set for November 10, 2025 [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [2].
Class Action Filed Against Fly-E Group, Inc. (FLYE) Seeking Recovery for Investors - Contact The Gross Law Firm