NEW YORK, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Xponential Fitness, Inc. (NYSE: XPOF), Franchise Group, Inc. (NASDAQ: FRG), Alvotech SA (NASDAQ: ALVO), and FMC Corporation (NYSE: FMC). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Xponential Fitness, Inc. (NYSE: XPOF)
Xponential purports to be the largest global franchisor of boutique fitness brands and went public on July 21, 2021 at $12.00 per share. On April 6, 2022, an entity affiliated with Xponential's Chairman of the Board sold 5.175M shares at $20.00 per share in a secondary offering. On February 8, 2023, Xponential's founder and CEO, Anthony Geisler, and the Chairman's entity sold 5.75 million shares at $24.50 per share in another secondary equity offering.
Before the market opened on June 27, 2023, Fuzzy Panda Research published a report Xponential Fitness (XPOF) - "Abusive Franchisor That Is A House of Cards." The report alleges Geisler, "has a long history of misleading investors and business partners.... We discovered XPOF is hiding the fact that many of their brands and franchisees are struggling."
On this news, Xponential's stock price has fallen intraday $7.62 per share to $17.51, a drop of 30.3% on very heavy volume.
For more information on the Xponential investigation go to: https://bespc.com/cases/XPOF
Franchise Group, Inc. (NASDAQ: FRG)
On May 10, 2023, Franchise Group announced that it would be acquired by Freedom VCM, Inc., an investment consortium that includes Franchise Group's CEO, at a price of $30.00 per share, representing a premium of less than 4% to the stock's closing price the prior day. Following the closing of the proposed transaction, Franchise Group investors will be cashed out of their investment position and the Company's shares will no longer be publicly traded.
Following the announcement, Franchise Group's stock price fell $0.23 per share, or 0.78%, to close at $29.10 per share on May 11, 2023.
For more information on the Franchise Group investigation go to: https://bespc.com/cases/FRG
Alvotech SA (NASDAQ: ALVO)
On April 13, 2023, Alvotech issued a press release "announc[ing]…that the U.S. Food and Drug Administration (FDA) has issued a complete response letter (CRL) for Alvotech's Biologics License Application (BLA) for AVT02, a high-concentration biosimilar candidate for Humira® (adalimumab). The CRL noted that certain deficiencies, which were conveyed following the FDA's reinspection of the company's Reykjavik facility that concluded on March 17, 2023, must be satisfactorily resolved before the application can be approved."
On this news, Alvotech's stock price fell sharply during intraday trading on April 14, 2023.
For more information on the Alvotech investigation go to: https://bespc.com/cases/ALVO
FMC Corporation (NYSE: FMC)
On July 10, 2023, before the market opened, FMC Corporation, despite raising its full-year revenue guidance in May 2023, announced that it was cutting its revenue for the second quarter and the 2023 fiscal year. It announced that “the revised guidance is driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners, which only became evident towards the end of May and continued through the remainder of the quarter[.]”
On this news, the price of FMC stock fell by $11.62 per share, or 11.14%, to close at $92.63 on July 10, 2023.
For more information on the FMC investigation go to: https://bespc.com/cases/FMC
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. 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, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.