An investigation for investors in Planet Fitness, Inc. (NYSE:PLNT) shares over potential securities laws violations by Planet Fitness, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 02/02/2023 -- Planet Fitness, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Planet Fitness, Inc. (NYSE: PLNT), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Planet Fitness, Inc. (NYSE: PLNT regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Hampton, NH based Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. Planet Fitness, Inc. reported that its annual Total Revenue rose from $06.61 million in 2020 to $587.02 million in 2021, and that its Net Loss of $14.99 million in 2020 turned to a Net Income of $42.77 million in 2021.
On January 19, 2023, market analyst The Bear Cave published a report titled "Problems at Planet Fitness." Among other things, the report alleged that Planet Fitness released an inaccurate slide understating market saturation in an investor presentation, and that, as a standard practice, it overbilled customers and prevented them from cancelling their memberships, resulting in lawsuits around the country. After reviewing the evidence, The Bear Cave stated it was "left wondering whether Planet Fitness is actually a thriving gym franchise or an illegal billing operation with gyms on the side."
Shares of Planet Fitness, Inc. (NYSE: PLNT) declined from $85.25 per share on January 13, 2023, to as low as $78.49 per share on January 23, 2023.
Those who purchased shares of Planet Fitness, Inc. (NYSE: PLNT) have certain options and should contact the Shareholders Foundation.
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