Barrack, Rodos & Bacine (BR&B) Continues Its Investigation of F45 Training Holdings Inc.
08/31/2022 - 09:30 AM
PHILADELPHIA, PA / ACCESSWIRE / August 31, 2022 / Barrack, Rodos & Bacine (BR&B) announces that it is continuing its investigation of F45 Training Holdings Inc. ("F45") (NYSE:FXLV) for potential violations of federal securities laws.
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. Until recently, the company reported results and issued guidance that was generally expected by the market.
However, on July 26, 2022, just a year after the IPO, F45 issued a press release in which it disclosed: (1) a reduction in its financial guidance, from a range of $255 t o $275 million to a new range of $120 t o $130 million ; (2) for the year it would open about 60% fewer exercise studios than promised just two months earlier (or 350 to 450 of them, versus 1,000); (3) a $250 million credit line "will not be available"; (4) the company was letting go of about 110 employees; and (5) the CEO, Adam Gilchrist, had resigned the previous month. The announcement was made after Wahlberg had sold significant amounts of his own stock in the company. CEO Gilchrist received payments valued at over ten million dollars on his departure.
The disclosures in the press release sent the price of F45 shares down over 60% on July 27, 2022, and the stock is now trading at about $2.50 per share - over an 80% fall from its IPO price.
Furthermore, Mark Wahlberg sold over a million shares of F45 earlier this year, and the Company's co-founder and former CEO, Adam Gilchrist, has now reportedly "disappeared," after he left the company on a $10 million golden handshake and sold his $14 million home on Sydney's Northern Beaches.
If you are an F45 shareholder and have suffered losses in your investment in F45, you are encouraged to contact Mark Stein, Director of Investigations at Barrack, Rodos & Bacine, at the toll-free number 877-386-3304, or via email at mstein@barrack.com , to learn more about the firm's investigation and your legal rights and options.
Philadelphia-based Barrack, Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving accounting fraud 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.
SOURCE: Barrack, Rodos & Bacine
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F45 Training Holdings Inc
FXLV Rankings
N/A Ranked by Stock Gains
FXLV Stock Data
Industry
Theater Companies and Dinner Theaters
Sector
Arts, Entertainment, and Recreation
Country
United States
City
El Segundo
About FXLV
australia'a fastest growing fitness network. specialising in group training f45 has emerged as the ideal business in a box for corporate refugee's and pt's who realise true earning potential. after 10 years of working as an equities trader in london and sydney, rob decided it was time for something a little more rewarding. at the time, his friend luke istomin was really making his mark as a celebrity pt. while luke was transforming hugh jackman for wolverine, rob racked his business brain on how they could together establish a saleable health and fitness license.