Bikes and bike components are like all consumer goods, in that they are subject to being recalled if a design flaw or manufacturing defect is discovered that can cause problems for the user.
Below is a alphabetized list (by manufacturer) of product recalls for bicycles or bicycle components issued by the U.S. Consumer Product Safety Commission going back to January 2005. Follow the link to see the complete recall announcement issued by the CPSC, as well as contact information for replacement if you are affected.
Adams Trail-a-Bike - January 2005
American Classic wheels - August 2005
ARC lithium ion bicycle light batteries - October 2006
Cannondale 2007 road bikes - January 2007
Cannondale seat posts - February 2005
Cervelo carbon fiber frames - September 2006
Diminsion handlebar stems - May 2005
Dynacraft bicycles - March 2007
Felt mountain bikes - July 2006
Giant Cypress and Sedona model bikes - August 2005
Harley-Davidson 16-inch BXX bikes - September 2005
M2Racer headsets - July 2006
Mirraco BMX bicycles - February 2007