Archived Investigations
F45 Training Holdings, Inc. (NYSE: FXLV)
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 6, 2023 to file lead plaintiff applications in a securities class action lawsuit against F45 Training Holdings, Inc. (NYSE: FXLV), if they purchased or acquired the Company’s shares pursuant and/or traceable to the Company’s July 2021 initial public offering (the “IPO”).
F45 and certain of its executives and others are charged with failing to disclose material information in its IPO Registration Statement and Prospectus (collectively, the “Offering Documents”), violating federal securities laws.
On July 26, 2022, the Company disclosed that its CEO had resigned, that about 60% fewer exercise studios would be opening than previously stated, that a $250 million credit line was no longer available, and that it made significant cuts to its financial guidance including decreasing full-year 2022 revenue to just between $120 million and $130 million, compared to the prior guidance of $255 million to $275 million, and full-year Adjusted EBITDA between $25 million and $30 million, compared to the prior guidance of $90 million to $100 million.
On this news, shares of F45 plummeted over 60%, from a close of $3.51 on July 26 to close at $1.35 on July 27, 2022, more than a 78% decline from its offering price of $16 per share on July 16, 2021.
The case is Kenzie Goer v. F45 Training Holdings, Inc., et al., No. 1:22-cv-01291.