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E-bike company Fly-E Group (NASDAQ:FLYE) is facing severe allegations of being a “pump-and-dump” scheme on the verge of a stock collapse, according to a new report that also highlights the company's history of selling batteries without safety certifications that have been linked to deadly fires.
Check out FLYE’s stock price over here.
In a scathing post published Wednesday, Edwin Dorsey‘s investment newsletter ‘The Bear Cave’ warned that Fly-E's stock “is being manipulated by overseas stock scammers… and is at risk of a near-term, severe stock collapse.”
The report, authored by Dorsey, alleges the company not only poses a danger to investors but also “produces products that endanger the safety of all New Yorkers.”
Fly-E did not immediately respond to Benzinga’s request for comment.
The report cites investigations by non-profit Streetsblog that link Fly-E products to several fatal lithium-ion battery fires in New York City, including one in January 2021 and another in March 2023 that killed residents in the Bronx.
Fly-E, which primarily sells e-bikes to food delivery workers, has also faced significant regulatory scrutiny. According to The Bear Cave, New York's Department of Consumer & Worker Protection has issued 77 violations at Fly-E shops for “selling batteries without safety certifications.”
Further compounding the safety concerns, safety certification company UL Solutions sued Fly-E in March 2025, alleging the company falsely advertised its products as “UL Certified.”
That lawsuit was settled two months ago for $1 million, with Fly-E ordered to stop misrepresenting its products as certified by UL. The Bear Cave's report concludes by urging regulators to act before more investors and residents are harmed.
Fly-E Group stock rose 0.13% on Wednesday and advanced by 2.53% in after-hours. In premarket on Thursday the shares were down 0.67%. On a year-to-date basis, the stock has risen by 90.84%, whereas it was up 48.51% over the last year.
Benzinga's Edge Stock Rankings indicate that FLYE maintains a stronger price trend in the short, medium, and long terms. However, the stock scores moderately on value rankings. Additional performance details are available here.
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were down in premarket on Thursday. The SPY was down 0.039% at $644.64, while the QQQ declined 0.041% to $580.10, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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