Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Fly-E Group, Inc. regarding a class action lawsuit due to allegations of misleading statements about the safety of its lithium batteries, which negatively impacted the company's E-vehicle sales and revenue projections [1]. Summary by Relevant Sections Allegations and Impact - The complaint alleges that Fly-E Group provided 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]. - Following this revelation, Fly-E's stock price plummeted from $7.76 per share 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 deadline for lead plaintiff appointment set for November 10, 2025 [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case, with no cost or obligation to participate [2]. Law Firm's Commitment - The Gross Law Firm is recognized for protecting investors' rights against deceit and fraud, emphasizing the importance of responsible business practices and corporate citizenship [3].
Fly-E Group, Inc. Sued for Securities Law Violations - Contact The Gross Law Firm Before November 10, 2025 to Discuss Your Rights - FLYE