NEW YORK, Jan. 09, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of the acquirers of F45 Training Holdings in the U.S. District Court for the Western District of Texas, Inc. (” FXLV” or “Company”) FXLV Securities issued in or attributable to the registration statement filed with the US Securities and Exchange Commission in support of the initial public offering of F45 common stock on July 16, 2021. Investors have until February 6, 2023 to petition the court to appoint a 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 $16.00 per share.

On July 26, 2022, F45 issued a press release in which it drastically reduced its financial guidance; announced about 60% fewer gyms opening than promised just two months earlier; said the company had run out of a $250 million line of credit; announced that the company would lay off about 110 employees; and announced that the CEO, Adam Gilchrist, had resigned. As a result of this news, the price of F45 stock fell $2.16 per share, or approximately 68.57%, from $3.51 per share to a closing price of $1.35 on July 27, 2022. By December 8, 2022 the price of F45 shares had fallen to $2.96 per share.

The lawsuit alleges that during the class period, the defendants made false and/or misleading statements and/or failed to disclose that F45’s rapid growth strategy was unsustainable, including by relying on franchises to create multiple franchises in a short period of time Locations opened and/or depended on franchises that required nearly 100% financing of their operations to begin operations, a model that was not viable at the time of the July 2021 IPO.

If you have purchased or otherwise acquired F45 Securities, have any information or would like to learn more about it…