NEW YORK, Oct. 02, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against FedEx Corp. (NYSE: FDX), Opendoor Technologies, Inc. (NASDAQ: OPEN), F45 Training Holdings, Inc. (NYSE: FXLV), and PROG Holdings, Inc. (NYSE: PRG). 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.
FedEx Corp. (NYSE: FDX)
FedEx released its preliminary results for the first quarter on September 15, 2022. The Company warned of a global drop-off in its delivery business and is closing storefronts and putting off hiring staff to combat the drop. The Company also warned that it will miss targets on profitability and expects business conditions to worsen.
Based on this news, shares of FedEx cratered by more than 22% in intraday trading on September 16, 2022.
For more information on the FedEx investigation go to: https://bespc.com/cases/FDX
Opendoor Technologies, Inc. (NASDAQ: OPEN)
On September 19, 2022, citing a review of industry data, Bloomberg reported that Opendoor appeared to have lost money on 42% of its transactions in August 2022 (as measured by the prices at which it bought and sold properties). Bloomberg further reported that the data was even worse in key markets such as Los Angeles, where Opendoor lost money on 55% of sales, and Phoenix, where it lost money on 76% of sales.
Following the Bloomberg report, Opendoor’s stock price fell $0.50 per share, or 12.32%, over the following two trading sessions, to close at $3.56 per share on September 20, 2022.
For more information on the Opendoor investigation go to: https://bespc.com/cases/OPEN
F45 Training Holdings, Inc. (NYSE: FXLV)
On or around July 15, 2021, F45 Training conducted its initial public offering (“IPO”), selling 18.75 million shares of stock priced at $16.00 per share.
Then, on July 26, 2022, F45 issued a press release entitled “F45 Training Announces Strategic Update”. In the press release, F45 Training provided updated 2022 revenue guidance in the range of $120 million to $130 million, down significantly from previous guidance of $255 million to $275 million, citing ongoing macroeconomic uncertainty. The press release further disclosed the departure of the Company’s Chief Executive Officer Adam J. Gilchrist and announced that the Company is “reducing global workforce by approximately 110 employees.”
On this news, F45 Training’s stock price fell $2.16 per share, or 61.54%, to close at $1.35 per share on July 27, 2022.
For more information on the F45 investigation go to: https://bespc.com/cases/FXLV
PROG Holdings, Inc. (NYSE: PRG)
On August 25, 2022, Pennsylvania's Attorney General filed a lawsuit against PROG's Progressive Leasing unit for allegedly violating the Rental Purchase Agreement Act ("RPAA"), a law that requires companies to clearly disclose fees for rent-to-own financing. According to the lawsuit, agents of the Attorney General's Office visited multiple stores across the state that use Progressive Leasing to offer rental-purchase agreement to their customers. "The investigation revealed widespread non-compliance" with the RPAA's disclosure requirements by Progressive Leasing and its merchant partners, the Attorney General's Office said in a statement.
On this news, PROG's stock price fell $2.51 per share, or 12.14%, to close at $18.16 per share on August 26, 2022.
For more information on the PROG investigation go to: https://bespc.com/cases/PRG
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.