57
Days Left
Lead Plaintiff Deadline: September 14, 2026
Please Upload related files below
Fill in below.
Tell us the stocks you own using SnapTrade, and we will keep you informed about class action litigation related to your stocks. We monitor critical case developments that may affect the price of your shares and your possible monetary recovery. SnapTrade only shares the tickers you own and your transaction history, not your account numbers. Using SnapTrade and participating in our monitoring service is free and does not create any attorney-client relationship or obligation on your part.
Don’t miss out on possible monetary recovery - link your brokerage account with SnapTrade.
06
Nov 2025
06
May 2026
According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Planet Fitness’ customer acquisition and marketing metrics. Notably, the Company’s updated marketing messaging was failing to resonate with, and was actively intimidating, its core target demographic of fitness beginners and casual gym-goers. As a result, Planet Fitness was experiencing a significant headwind in net member joins during its peak first-quarter sign-up period that rendered its previously issued fiscal 2026 guidance and long term financial targets unachievable.
On May 7, 2026, Planet Fitness announced its financial results for the first quarter of fiscal year 2026, revealing that its critical peak sign-up period was off to a slower-than-expected start internally. Management slashed full-year 2026 growth guidance, notably slashing same-store growth from 4-5% to only 1%, and completely withdrew its long-term three-year growth algorithm it had introduced just six months prior. Planet Fitness attributed these results to an over-pivoted marketing campaign that failed to resonate with its core customer base, alongside external competition, macroeconomic, and weather related impacts. Management then announced they were pausing the planned national rollout of the Black Card price increase to prioritize revitalizing new membership growth.
Following this news, the price of Planet Fitness’ common stock declined dramatically. From a closing market price of $63.96 per share on May 6, 2026, Planet Fitness’ stock price fell to $44.01 per share on May 7, 2026, a decline of about 31.19% in the span of just a single day.
In order to be eligible to join the PLNT class action lawsuit, you must have incurred a loss on shares of Planet Fitness purchased during the class period listed above.
If you suffered a loss in Planet Fitness during the relevant time frame, you have until September 14, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
● The Allegation: The complaint alleges Planet Fitness overstated the strength of its 2025 marketing campaign, the viability of its planned Black Card price increase, and the achievability of its fiscal 2026 guidance and three-year growth algorithm. Plaintiffs allege the campaign was failing to resonate with fitness beginners and casual gym-goers, creating a material headwind to net member joins.
● The Stock Drop: Planet Fitness common stock fell $19.95, about 31.19%, to close at $44.01 per share on May 7, 2026, after the company cut fiscal 2026 guidance, paused the planned national Black Card price increase, and withdrew its three-year growth algorithm.
● Class Period & Defendants: The class period runs from November 6, 2025 through May 6, 2026, inclusive. The named defendants are Planet Fitness, Inc., Colleen Keating (Chief Executive Officer and Director), and Jay Stasz (Chief Financial Officer at all relevant times).
● Lead Plaintiff Deadline: September 14, 2026. No action is required before the deadline to remain a passive class member. Action is only needed if you wish to seek appointment as lead plaintiff.
|
Planet Fitness Class Action Summary |
|
|
Company |
Planet Fitness, Inc. (NYSE: PLNT) |
|
Lead Plaintiff Deadline |
September 14, 2026 |
|
Class Period |
November 6, 2025 – May 6, 2026 |
|
Stock Drop |
May 7, 2026 – PLNT fell $19.95 (about 31.19%) to $44.01 |
Norie Matsunaga filed a securities class action lawsuit against Planet Fitness, Inc. in the District of New Hampshire. The case concerns investors who purchased Planet Fitness common stock from November 6, 2025 through May 6, 2026.
The complaint alleges defendants made materially false and misleading statements about customer acquisition, marketing performance, and pricing strategy. Plaintiffs claim the company’s campaign was not reaching core beginner and casual gym customers as represented.
On May 7, 2026, Planet Fitness cut fiscal 2026 guidance and paused its Black Card price increase. PLNT fell about 31.19% that day, closing at $44.01 per share.
Planet Fitness is a global fitness company with a majority U.S. presence. The company is one of the largest franchisors and operators of fitness centers in the world by member count and location footprint, and it reports results through Franchise, Corporate-Owned Clubs, and Equipment segments.
November 6, 2025–May 6, 2026
Investors who purchased or acquired Planet Fitness, Inc. (PLNT) common stock during the Class Period may be eligible to seek recovery under the federal securities laws.
The Planet Fitness shareholder lawsuit centers on the company’s public statements about its membership growth, marketing strategy, Black Card pricing plan, and long-term financial targets. According to the complaint, defendants told investors that Planet Fitness was making significant progress on its long-term strategy, that its “We Are All Strong on This Planet” marketing campaign was resonating, and that its high-value, low-price subscription model remained resilient.
On November 6, 2025, Planet Fitness announced third quarter fiscal 2025 results. Chief Executive Officer Colleen Keating stated that the company had continued the “We Are All Strong on This Planet” campaign, that its “strong join trend” had continued, and that Black Card penetration reached 66.1% of total membership. The same day, Keating said the company had decided to raise the Black Card price to $29.99 after the 2026 peak join season, after “significant testing and data analysis.” Chief Financial Officer Jay Stasz added that prior testing showed the increase would be accretive to average unit volume.
At the November 13, 2025 Investor Day, defendants introduced a three-year growth outlook for fiscal years 2026 through 2028. The complaint alleges that Keating represented the marketing message had “performed quite well,” had “legs to extend into 2026,” and was “driving joins.” Stasz told investors that the three-year algorithm expected mid-single digit same club sales growth, driven by approximately 75% rate and 25% volume, and that the planned Black Card price increase was part of that rate component.
Plaintiffs further allege that defendants continued to reinforce those claims in 2026. At the January 13, 2026 ICR Conference, Stasz said Planet Fitness did not need new Black Card spa amenities to roll out the Black Card price increase to $29.99. On February 24, 2026, the company issued fiscal 2026 guidance calling for system-wide same club sales growth of 4% to 5%, revenue growth of approximately 9%, and adjusted EBITDA growth of approximately 10%. Defendants also reiterated the three-year growth algorithm, despite allegedly knowing or recklessly disregarding that the existing marketing campaign was intimidating the company’s core beginner and casual gym-goer demographic and that the Black Card price increase was at risk.
The alleged truth emerged on May 7, 2026, when Planet Fitness announced first quarter fiscal 2026 results and sharply reduced its outlook. The company said 2026 was off to a slower-than-expected start from a net member growth perspective due to internal and external headwinds during the peak sign-up period. Planet Fitness cut system-wide same club sales growth guidance to approximately 1%, down from 4% to 5%, reduced revenue growth guidance to approximately 7%, and lowered adjusted EBITDA growth guidance to approximately 6%.
Management also paused the planned national Black Card price increase pending a broader pricing review. Keating stated that the company’s marketing had resonated with a more fitness-minded consumer but had less resonance with the fitness beginner or casual gym-goer, traditionally Planet Fitness’ core customer base. She also said the company “may have pivoted too far” by shifting away from the lighter, more approachable tone that had historically been part of its brand messaging.
The same disclosure withdrew the three-year growth algorithm introduced at Investor Day just six months earlier. Interim Chief Financial Officer Thomas J. Fitzgerald stated that pausing the Black Card price increase accounted for approximately 150 basis points of the reduction in same club sales guidance, while the rest reflected softer net member growth trends. Analysts cited the lowered guidance, the paused Black Card price increase, weaker joins, and marketing messaging that did not resonate with core customers as key reasons for reducing price targets.
Planet Fitness common stock reacted sharply after the May 7, 2026 disclosure. The complaint alleges that PLNT fell from a closing price of $63.96 per share on May 6, 2026 to $44.01 per share on May 7, 2026, a one-day decline of $19.95 per share, or about 31.19%.
According to the complaint, analysts viewed the disclosure as material because it undermined prior statements about membership growth, marketing efficacy, and subscription pricing strategy. Wells Fargo reduced its price target and highlighted the reduction in 2026 guidance after the company had reaffirmed guidance on March 9, 2026. RBC and William Blair also cited member growth headwinds, the marketing miss, the Black Card pricing pause, and the withdrawal of long-term targets.
● Lead Plaintiff Deadline: September 14, 2026
● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.
● Defendants may file a motion to dismiss.
● If the case proceeds, the Court may later consider class certification.
This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.