If you invested in XPOF and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »

07/26/2021 - 12/07/2023


Complaint 02/09/24



The litigation focuses on XPOF’s repeated touting of same-store sales (“SSS”) and average unit volume (“AUV”) metrics as measures of the health of its franchise system.

The complaint alleges, in part, that XPOF made misleading statements and failed to disclose that: (1) it had permanently closed at least 30 stores; (2) it misstated its SSS and AUV metrics by excluding underperforming stores; (3) 80% of its brands were losing money each month; (4) over 100 of its franchises were for sale at a price well below their initial cost; and (5) it misled franchisees by misrepresenting the financial profile, profitability, and the expected rate of return for new studio openings.   

Investors began to learn the truth on June 26, 2023, when Fuzzy Panda Research published a scathing report based in part on interviews with former XPOF business partners, franchisees, and on the examination of roughly 16,000 pages of Franchise Disclosure Documents (“FDDs”) filed with the FTC.

Among other matters, Fuzzy Panda alleged that: (1) CEO Anthony Geisler has a long history of misleading investors; (2) XPOF falsely claimed to have never closed a store; (3) over 50% of XPOF’s average studios are losing money; (4) 80% of its brands have unprofitable business models; (5) over 100 of the company’s franchises were for sale at 75% below their initial cost; and (6) the SSS and AUV metrics reported to investors misleadingly exclude underperforming stores.

Then, on Dec. 7, 2023, Bloomberg published an article, based on interviews with dozens of XPOF former business partners, employees, and franchisees, which largely corroborated Fuzzy Panda's report.

These events drove the price of XPOF shares sharply lower.

After the Class Period, on Dec. 11, 2023, XPOF announced (without explaining) that the SEC contacted the company and formally requested “certain documents.”


What is the XPOF securities class-action case about?

The litigation focuses on XPOF’s repeated touting of same-store sales (“SSS”) and average unit volume (“AUV”) metrics as measures of the health of its franchise system.


I worked at XPOF. What should I do?

If you were an employee of XPOF during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or XPOF@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions


What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.


Am I affected? What do I need to do to participate?

If you were an investor in XPOF during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any XPOF investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.

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