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Planet Fitness (PLNT) Toxic Workplace Culture Case
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- On October 25, 2023, Insider reported that former Planet Fitness (PLNT) CEO fostered a toxic workplace culture at Planet Fitness.
- On it, $PLNT fell 1.1%, losing $52M+ of shareholder value.
- Investors may have grounds to suspect members of Planet Fitness’s BoD or senior management of breach of their fiduciary duties to Planet Fitness, which led to their losses.
On October 25, 2023, Insider reported that former Planet Fitness CEO Chris Rondeau fostered a toxic workplace culture at Planet Fitness, including encouraging drinking at the workplace, and requiring employees to withdraw cash from his personal accounts for travel.
On this news, $PLNT fell 1.1% and lost over $52 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Planet Fitness BoD or senior management of breach of their fiduciary duties to the Company, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
25 October 2023