Categories: BusinessWire

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of F45 Training Holdings Inc. (FXLV) Investors

Published by
Business Wire News


BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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”). F45 investors have until February 6, 2023 to file a lead plaintiff motion.

Investors suffering losses on their F45 investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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.

If you purchased F45 common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Business Wire News

Recent Posts

Repurchase of own shares on 27.01.2023

Nokia CorporationStock Exchange Release27 January 2023 at 21:00 EET Nokia Corporation: Repurchase of own shares… Read More

4 mins ago

Paris 2024 launches charitable ticketing initiative to ensure open and accessible Games

27 Jan 2023 - The Paris 2024 Organising Committee has launched a charitable ticketing programme that… Read More

5 mins ago

Avenue Therapeutics Announces $3.25 Million Registered

MIAMI, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (Nasdaq: ATXI) (“Avenue” or the… Read More

6 mins ago

iQor Joins Customer Contact Week 2023

iQor to Feature Strategic Outsourcing Case Studies That, in Collaboration With Clients, Saved More Than… Read More

7 mins ago

Westwood One to Broadcast NFL Conference Championship

NEW YORK, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ: CMLS) Westwood One, America’s… Read More

50 mins ago

Akerna Corp. Announces Merger with Gryphon Digital Mining

Gryphon Digital Mining, a privately held bitcoin mining company, to merge with Akerna in an all-stock transaction… Read More

1 hour ago