The Bear Cave believes the stock of Fly-E Group (NASDAQ: FLYE — $136 million) is being manipulated by overseas stock scammers, is in the end stages of a pump-and-dump scheme, and is at risk of a near-term, severe stock collapse. The Bear Cave further believes Fly-E Group produces products that endanger the safety of all New Yorkers.
Fly-E Group primarily sells e-bikes to food couriers in New York City. According to a January 2025 investigation from non-profit Streetsblog, Fly-E bikes have allegedly caused several deadly fires in the greater New York City area.
For example, in January 2021, a 37-year-old delivery worker, Christopher Valentin, died in the Bronx after his Fly-E bike allegedly exploded while charging overnight. His sister and husband also experienced severe burns and complications from smoke inhalation after escaping the fire.
Through a public records request to the FDNY, Streetsblog also linked Fly-E’s Fly-10 ebike to a March 2023 lithium-ion battery fire in the Bronx, which killed a 64-year-old man.
Streetsblog also produced photos, obtained through an FDNY public records request, showing a Fly-E charger at the location of a deadly 2022 lithium-ion battery fire.
A separate January 2024 investigation found that Fly-E had a non-fatal fire at one of its repair shops on the first floor of a residential building in Brooklyn and a history of “selling batteries without safety certifications.” The investigation stated, in part:
“Over last summer into the fall, FDNY hit nine different Fly E-Bike locations around the city with either civil summonses or violation orders, or both, including in response to an Oct. 30 fire at 662 Nostrand Ave., in Crown Heights, Brooklyn. There, Fly E-Bike operated on the first floor with two residential floors above.
Fire officials say inspectors noted Fly E-Bike franchises they visited often relied on batteries that lacked safety certifications. The Department of Consumer & Worker Protection has issued 77 violations at Fly E-Bike shops around the city for selling batteries without safety certifications, and flagged the umbrella company with a cease-and-desist letter with 10 violations for selling these dangerous batteries online.”
In March 2025, safety certification company UL Solutions sued Fly-E and alleged the company “began advertising its products as ‘UL Certified’ without actually having UL certification.”
Two months ago, that lawsuit was settled for $1,000,000 and Fly-E was ordered to refrain from “committing any other acts reasonably calculated to cause users to believe that Defendants' products are authorized or certified by UL, when in fact such products are not authorized or certified by UL.”
Last month, a 76-year-old grandmother died in the bathroom of a pizzeria after an e-bike fire left her trapped inside. The fire occurred at Singas Famous Pizza in Flushing, NY, less than one mile from Fly-E’s corporate office. One online commentator speculated that the fire was from “one of those electric scooters that look like sh***y mopeds and often say Fly E-bike on the back end.”
Fly-E continues to operate several locations in and around Manhattan.
The Bear Cave believes Fly-E also poses a danger to investors as it appears to be in the end stages of a pump-and-dump operation. Let’s briefly look at the evidence.