NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Flowserve Corporation (NYSE: FLS), BRP Group, Inc. (NASDAQ: BRP), FedEx Corp. (NYSE: FDX), and F45 Training Holdings, Inc. (NYSE: FXLV). 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.
Flowserve Corporation (NYSE: FLS)
On September 13, 2022, Flowserve announced disruptions related to implementing new technology to manage operations and one-time expenses, advising investors that the developments will reduce third-quarter EPS by $0.18 to $0.22.
On this news, Flowserve’s stock price fell $2.36 per share, or 7.66%, to close at $28.43 per share on September 14, 2022.
For more information on the Flowserve investigation go to: https://bespc.com/cases/FLS
BRP Group, Inc. (NASDAQ: BRP)
BRP is the subject of a report published by NINGI Research on September 13, 2022. The report alleges that “BRP has doctored its organic growth rate to beat analysts’ estimates,” and “the company misled investors by presenting inorganic revenue as organic revenue through a self-proclaimed separate agreement with an affiliate.” NINGI also alleges that, “in 2020 BRP’s proprietary ‘MGA of the Future’ technology was misappropriated by an employee and handed to a competitor, as alleged by BRP in a lawsuit,” however, “the company allegedly did not notice the misappropriation until May 2021 but did not disclose the intellectual property theft to investors to date, despite arguing in a lawsuit that the theft has and will have severe damage to BRP’s revenue and market share.”
On this news, BRP stock fell $0.42 per share, or 1.35%, to close at $30.77 per share on September 14, 2022.
For more information on the BRP investigation go to: https://bespc.com/cases/BRP
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
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
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.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
