PHILADELPHIA, PA / ACCESSWIRE / February 2, 2023 / Barrack, Rodos & Bacine encourages investors in shares of F45 Training Holdings ("F45") (NYSE:FXLV) to contact the firm before the lead plaintiff deadline of February 6, 2023 in the pending securities class action litigation. The lead plaintiff is a court-appointed role. It acts as a representative of the class and assists in directing the litigation.
If you purchased F45 shares at any time after the IPO, or from July 16, 2021 to the present, you are encouraged to contact the firm to discuss your rights or for additional information about the case. Please contact Mark Stein or Linda Border at the toll-free number (877) 386-3304 or via email at [email protected] or [email protected]
On December 8, 2022, Barrack, Rodos & Bacine filed a securities class action lawsuit on behalf of shareholders against F45 Training Holdings Inc. (F45) (NYSE:FXLV) and certain of its executives. The complaint was brought in the District Court for the Western District of Texas (Goer v F45 Training Holdings Inc., et al., No. 1:22-cv-01291).
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.
With offices in Philadelphia, PA, San Diego, CA, and New York City, NY, Barrack, Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving company misstatements and insider trading, and has achieved some of the largest recoveries in the history of securities litigation in the U.S. The firm's largest recoveries on behalf of investors include $6.19 billion for WorldCom investors, $3.32 billion for Cendant investors, $1.05 billion for McKesson investors, and $970.5 million for AIG investors. Prior results do not guarantee similar outcomes.
To read about the lawsuit against F45 and to find out additional information about the firm, please see the Barrack, Rodos & Bacine webpage concerning this case.
Mark Stein or Linda Border
Barrack, Rodos & Bacine
SOURCE: Barrack, Rodos & Bacine