Core Viewpoint - The Gross Law Firm is notifying shareholders of Fly-E Group, Inc. about a potential class action lawsuit due to misleading statements regarding the safety of its lithium batteries, which negatively impacted E-vehicle sales and led to a significant drop in stock price [1][3]. Summary by Relevant Sections Allegations - The complaint alleges that Fly-E Group provided overly positive statements while concealing material adverse facts about the safety of its lithium batteries, which adversely affected E-vehicle sales revenue [3]. - The company’s revenue projections were derailed as sales declined and operating expenses increased, despite optimistic long-term forecasts [3]. - 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 [3]. Stock Price Impact - Following the revelation of the company's 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 [3]. 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 of November 10, 2025, to seek lead plaintiff status [4]. - Participants will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [4]. Law Firm's Mission - The Gross Law Firm aims to protect investors' rights who have suffered losses due to deceit and illegal business practices, ensuring companies adhere to responsible business practices [5].
The Gross Law Firm Notifies Shareholders of Fly-E Group, Inc. (FLYE) of a Class Action Lawsuit and an Upcoming Deadline