Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against F45 Training Holdings Inc. (FXLV)
LOS ANGELES, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 6, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired F45 Training Holdings Inc. (“F45” or the “Company”) (NYSE: FXLV ) common stock pursuant and/or traceable to the Company’s Registration Statement and accompanying Prospectus and Supplemental Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s July 2021 initial public offering (“IPO”).
If you suffered a loss on your F45 investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/f45-training-holdings-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On July 16, 2021, F45 conducted its IPO, selling 18.75 million shares of common stock at $16 per share.
On July 26, 2022, after the market closed, F45 issued a “Strategic Update,” disclosing that it now expects its fiscal 2022 revenue “between $120 million and $130 million, compared to the prior guidance of $255 million to $275 million.” Based on a “comprehensive review of its strategic and financial priorities,” the Company would reduce its global workforce by about 110 positions. F45 also announced that its founder, CEO, and President, Adam Gilchrist, had stepped down.
On this news, F45’s stock price fell $2.16, or 61.5%, to close at $1.35 per share on July 27, 2022 (representing more than a 78% decline from the IPO price), thereby injuring investors.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that F45’s rapid growth strategy was unsustainable, reliant on, inter alia, franchisees opening multiple locations in a short period of time and/or dependent on franchisees who required near 100% financing of their operations in order to open for business, a model that was unsustainable.
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If you purchased or otherwise acquired F45 common stock pursuant and/or traceable to the IPO, you may move the Court no later than February 6, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224