Bleichmar Fonti & Auld LLP has launched an investigation into Planet Fitness for potential securities fraud following a 31% stock drop on May 7, 2026. The investigation concerns whether the company made false or misleading statements about the success of a marketing campaign that allegedly alienated its core market and led to disappointing membership growth during the key first-quarter sign-up period. On that day, Planet Fitness reported weaker-than-expected membership growth and cut its 2026 revenue growth guidance from approximately 9% to about 7%, while reducing adjusted EBITDA growth guidance from roughly 10% to approximately 6%. During the earnings call, management acknowledged the marketing may have pivoted too far from its lighthearted tone, increasing penetration with fitness-minded consumers. The stock fell $19.95 per share, from a closing price of $63.96 on May 6 to $44.01 on May 7.
Planet Fitness IncSecurities fraud investigation launched over alleged false statements about marketing campaign and membership growth.