SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Planet Fitness, Inc. (PLNT)

Mar 09, 2016, 13:03 ET from Bronstein, Gewirtz & Grossman, LLC

NEW YORK, March 9, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities Planet Fitness, Inc. ("Planet Fitness" or "the Company") (NYSE: PLNT). Such investors are advised to contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz at info@bgandg.com or 212-697-6484.

This investigation concerns whether Planet Fitness and certain of its officers and/or directors have violated the Federal Securities Laws under the Securities Exchange Act of 1934 (the "Exchange Act"). 

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."

Following this news, Planet Fitness stock dropped as much as $1.15, or 7.77 %, to $13.66 during early intra-day trading on March 9, 2016.

If you are aware of any facts relating to this investigation, or purchased shares of Planet Fitness, you can assist this investigation by visiting the firm's website: http://www.bgandg.com/#!plnt/ce8n6. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com

 

SOURCE Bronstein, Gewirtz & Grossman, LLC



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