Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of Planet Fitness, Inc. (NYSE:PLNT) investors concerning whether the company’s board of directors violated their fiduciary duties.
On March 9, 2016, Spruce Point Capital Management released a report on Planet Fitness called “All Pumped Up, and Nowhere to Go but Down.” Spruce Point wrote about “Questionable Business Strategy with Unachievable Revenue Goals [and] . . . unsustainable margins.” The report continued to discuss governance and accounting and financial disclosure concerning “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 went on to say 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.”
If you purchased Planet Fitness securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact J. Brandon Walker, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160310006540/en/
Contacts:
J. Brandon Walker, Esq.,
212-355-4648
investigations@bespc.com
