F45 Training Holdings, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired F45 Training Holdings, Inc. (“F45”) (NYSE: FXLV) securities between July 13, 2022 through December 8, 2022 (the “Class Period”). Investors have until February 6, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
F45, through its subsidiaries, provides fitness services by specializing in innovative, high-intensity group workouts.
F45 conducted its IPO on July 16, 2021, selling 18.75 million shares at a price of $16.00 per share.
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. On this news, the price of F45 shares declined by $2.16 per share, or approximately 68.57%, from $3.51 per share to close at $1.35 on July 27, 2022. On December 8, 2022, F45 closed at $2.96 per share.