An investigation for investors in NYSE:PLNT shares over potential securities laws violations by Planet Fitness Inc was announced and NYSE:PLNT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/28/2016 -- An investigation for shareholders of Planet Fitness Inc over potential securities laws violations by Planet Fitness and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Planet Fitness Inc (NYSE:PLNT), have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Planet Fitness Inc (NYSE:PLNT) concerning whether a series of statements by Planet Fitness regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On March 3, 2016, Planet Fitness Inc announced its fourth quarter and fiscal year 2015 results.
Planet Fitness Inc reported that its annual Total Revenue rose from $279.78 million in 2014 to $330.54 million in 2015 while its Net Income declined from $36.81 million in 2014 to $18.52 million in 2015.
On March 9, 2016, Spruce Point Capital Management published a report on Planet Fitness entitled "All Pumped Up, and Nowhere to Go but Down." Among other issues, Spruce Point described a "Questionable Business Strategy with Unachievable Revenue Goals [and] . . . unsustainable margins." The report also noted governance and accounting and financial disclosure concerns, pointing to "aggressive 'gross' revenue accounting," a "misclassification of placement revenue," a "[p]otential understatement of the tax benefits payable by $569m," and a "lack of transparency on key performance metrics . . . and scant disclosure of performance targets." Spruce Point further reported that "weak internal controls l[ed] to the sentencing of a Planet Fitness corporate systems manager in Jan[uary] 2016 who stole $1m through a fraudulent invoice scheme." Shares of Planet Fitness Inc (NYSE:PLNT) declined on March 9, 2016 to as low as $13.38 per share.
On March 24, 2016, NYSE:PLNT shares closed at $15.60 per share.
Those who purchased shares of Planet Fitness Inc (NYSE:PLNT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego