NEW YORK, NY / ACCESSWIRE / January 22, 2023 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against F45 Training Holdings Inc. (“F45 Training” or the “Company”) (NYSE:FXLV) and reminds investors of the February 6, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in F45 Training common stock in or traceable to F45 Training’s July 16, 2021 initial public offering (the “IPO”)and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FXLV.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
F45 Training Holdings Inc., a Mark Wahlberg-backed fitness franchisor based in Texas, went public in July 2021, when it sold 18.75 million shares priced at $16 per share, while touting a “Predictable, Asset-Light Model Driving Rapid Growth.” The company reported results and issued guidance that was generally expected by the market for about a year after the IPO.
However, on July 26, 2022, F45 issued a press release in which it drastically reduced its financial guidance; disclosed that would open about 60% fewer exercise studios than promised just two months earlier; said that a $250 million credit line was no longer available to the company; disclosed that the company was letting go of about 110 employees; and announced that the CEO, Adam Gilchrist, had resigned.
The disclosures in the press release sent the price of F45 shares down over 60% on July 27, 2022, and it has continued since that time to trade at less than $4.00 per share.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding F45 Training’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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