Key Takeaways:
Planet Fitness faces a securities fraud class action after its shares plunged 31 percent on May 7, when the company cut 2026 guidance.
"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," Peretz Bronstein, founding partner at Bronstein, Gewirtz & Grossman, said.
The lawsuit, filed in the U.S. District Court for the District of New Hampshire, covers investors who bought Planet Fitness stock between Nov. 6, 2025 and May 6, 2026. The complaint alleges the company misrepresented the success of its "we are all strong on this Planet" marketing campaign, which alienated casual gym-goers and forced Planet Fitness to abandon a planned Black Card price increase. On May 7, Planet Fitness cut revenue growth guidance to about 7 percent from roughly 9 percent and adjusted EBITDA growth to approximately 6 percent from about 10 percent. Shares fell $19.95 to close at $44.01.
Investors have until Sept. 14 to seek appointment as lead plaintiff in the case, Matsunaga v. Planet Fitness, Inc., No. 26-cv-00576. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Planet Fitness, which markets itself as a "Judgement Free Zone" for fitness beginners, told investors it "continue[d] to lean into our 'we are all strong on this Planet' campaign" and that "[b]ecause this campaign resonated so strongly last year, we extended it into 2026." The complaint alleges the campaign instead intimidated the casual gym-goers who form the company's core market, forcing a marketing restructuring and a halt to the planned Black Card price increase that underpinned its sales projections.
The company acknowledged the misstep during its May 7 earnings call, saying its marketing "may have pivoted too far" as it shifted from a "lighthearted approachable tone" to one that "increased penetration with the fitness-minded." It said it was "pausing the planned national Black Card price increase pending a broader pricing review."
Bleichmar Fonti & Auld LLP and The Law Offices of Frank R. Cruz are also soliciting affected investors, with representation offered on a contingency fee basis. The firms said shareholders are not responsible for court costs or litigation expenses.
The stock decline puts Planet Fitness at its lowest level in months, testing investor confidence in the company's membership growth strategy. The lawsuit adds governance pressure as the company works to rebuild growth ahead of the key first-quarter sign-up period. Investors will watch the Sept. 14 lead plaintiff deadline and any settlement or dismissal rulings in the months ahead.
This article is for informational purposes only and does not constitute investment advice.
