Several high-profile law firms have opened investigations into F45 Training Holdings, the fitness company founded by Australian entrepreneur Adam Gilchrist.
On Friday, US-based Labaton Sucharow was the latest firm to call out to investors who owned F45 stock or options and who suffered a loss following the company’sat the end of July which prompted the stock to sink 61 per cent to a record low of $US1.82. Since listing at $US16, F45 shares have dropped 88 per cent.
In May, F45 told investors it had secured a $US250 million line of credit that it would extend to franchisees to hit its target of 1000 new studio openings in 2022.But during the July trading update, investors learnt that credit line would not be available. Sydney-based hedge fund Caledonia invested $100 million in the fitness firm at a share price of $14.95. Meanwhile, Melbourne fund L1 Capital bought 1.1 million shares from major shareholder and actor Mark Wahlberg in April and told investors the 50 per cent fall was a major detractor in July, when its ASX listed fund fell 3.3 per cent.
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