NEW YORK, Aug. 27, 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), Waldencast Plc (NASDAQ: WALD), and Discover Financial Services (NYSE: DFS). 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
Waldencast Plc (NASDAQ: WALD)
On April 25, 2023, Waldencast announced that it will be unable to file its 2022 annual report on time and will be postponing its fiscal year 2022 and fourth quarter earnings call due to an ongoing review of the Company’s year-end 2022 financial statements. Specifically, the Company is conducting an analysis regarding certain accounting issues in connection with the sale of certain Obagi products for the Vietnam market.
On this news, the price of Waldencast shares declined by $0.57 per share, or approximately 6.20%, from $9.20 per share to close at $8.63 on April 25, 2023.
For more information on the Waldencast investigation go to: https://bespc.com/cases/WALD
Discover Financial Services (NYSE: DFS)
On July 20, 2023, pre-market, Discover revealed that it was in discussions with regulators relating to the Company’s misclassification of certain credit card products over an approximately 15-year period. Discover incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier, beginning around mid-2007.
On this news, Discover’s stock price fell $19.40 per share, or 15.92% percent, to close at $102.45 per share on July 20, 2023.
For more information on the Discover investigation go to: https://bespc.com/cases/DFS
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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
