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FXLV.US
id: 494, Created by Stan Vick, Scout
Kenzie Goer, et al. v. F45 Training Holdings Case
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W.D. Texas
CourtOn July 26, 2022, F45 (FXLV) reported several material negative facts:
- significantly 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;
- announced that the CEO, Adam Gilchrist, had resigned.
On this news, F45 shares dropped over 60% on July 27, 2022, seriously damaging investors.
Going back in July 2021, a Mark Wahlberg-backed fitness franchisor based in Texas, went public at $16 per share.
Taking reported facts into account, Investors have reasons to suspect that the Company, its Leaders, and its Service Providers did not properly disclose information in the Offering Documents, misleading future shareholders regarding the Company’s business, operations, and prospects.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Influencer,
Investment Bank,
Service Provider,
Research Entity
Security Type
Stocks
Trade Direction
Long
Shock Event Date
26 July 2022
Filing date
08 December 2022