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NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against F45 Training Holdings, Inc. (NYSE: FXLV), PROG Holdings, Inc. (NYSE: PRG), and Polished.com, Inc. (NYSEAmerican: POL). Our investigations concern whether these companies violated the federal securities laws and/or engaged in other illegal business practices. More information on each case can be found at the link provided.
F45 Training Holdings, Inc. (NWSE: FXLV)
On or about July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares at a price of $16.00 per share.
Then, on July 26, 2022, F45 issued a press release titled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty. The press release further announced the departure of the Company’s CEO Adam J. Gilchrist and announced that the Company is “reducing its global workforce by approximately 110 employees.”
On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.
For more information on the F45 investigation go to: https://bespc.com/cases/FXLV
PROG Holdings, Inc. (NWSE: PRG)
On August 25, 2022, the Pennsylvania Attorney General filed a lawsuit against PROG’s Progressive Leasing unit for allegedly violating the Rent Purchase Agreement Act (“RPAA”), a law that requires companies to clearly disclose fees for lease- to-own financing. According to the lawsuit, agents from the Attorney General’s Office visited several stores across the state that use Progressive Leasing to offer a lease-purchase agreement to their customers. “The investigation revealed widespread noncompliance” with the disclosure requirements of the RPAA by Progressive Leasing and its business partners, the Attorney General’s Office said in a statement.
On this news, PROG’s stock price fell $2.51 per share, or 12.14%, to close at $18.16 per share on August 26, 2022.
For more information about the PROG investigation go to: https://bespc.com/cases/PRG
Polished.com, Inc. (NWSE American: POL)
In July 2020, Polished (then known as 1847 Goedeker Inc.) conducted its initial public offering (“IPO”), selling stock at a price of $9.00 per share.
Then, on August 15, 2022, after market hours, Polished announced on Form 12b-25 filed with the SEC its inability to timely file its Form 10-Q for its second quarter of its 2022 fiscal year ended June 30, 2022 because of its The Audit Committee of the Board recently began “an independent investigation into certain allegations made by certain former employees in relation to the business operations of the Company.” Further, the Company announced that “[t]the investigation is ongoing, and the Audit Committee continues to work diligently with independent advisors and consultants to complete the investigation” and that “[t]The Company cannot predict the duration of the investigation, its eventual scope, its outcome or its impact on the Company’s financial results.
In this news, Polished’s stock price fell sharply during after-hours trading on August 15, 2022 and pre-market trading on August 16, 2022.
For more information on the Polished investigation go to: https://bespc.com/cases/POL
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Contact information:
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
Copyright 2022 GlobeNewswire, Inc.
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