NEW YORK, Jan. 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of F45 Training Holdings, Inc. (“F45 Training” or the “Company”) FXLV. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether F45 Training and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On or about July 16, 2021, F45 completed its initial public offering (“IPO”), issuing 18.75 million shares of common stock at a price of $16.00 per share.

On July 26, 2022, just a year after the IPO and just over two months after iterating on its previously stated growth goals, F45 issued a press release titled “F45 Training Announces Strategic Update”. The press release described “strategic updates to more closely align the company with macroeconomic conditions and current business trends, and to prepare for the next phase of studio and membership growth.” According to the press release, the company’s “strategic updates” informed the market: (1) a significant reduction in its financial guidance from $255-$275 million to a new range of $120-$130 million; (2) a dramatic reduction in the number of new workout studios it would open in 2022 – by about 60% (or 350 to 450 new studios versus 1,000); (3) that the Company has “unavailable” a $250 million line of credit; (4) that it would lay off approximately 110 employees, representing approximately 45% of its workforce; and (5) that F45’s Chief Executive Officer (“CEO”) Adam Gilchrist had resigned from his position as CEO effective July 24, 2022.

As a result of this news, F45’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022, a decline of more than 78% from the company’s offering price of July 16, 2022 $.00 per share.

Pomerantz LLP, with…