Wahlberg, Fitness Brand F45 Face Lawsuit Over IPO Statements

F45 Training Holdings Inc., its board member Mark Wahlberg, and others lost a bid for full dismissal of a proposed securities class action alleging the fitness franchise company overstated its growth potential.

The investors adequately alleged registration statement and prospectus misstatements, though the lead plaintiff lacks standing for the prospectus claim, Judge David Alan Ezra said Feb. 21 for the US District Court for the Western District of Texas. The shareholders didn’t succeed in stating securities fraud claims, but will have a chance to re-plead, Ezra said.

• The investors alleged F45 and its leadership defined a growth metric in a ...