Planet Fitness faces securities class action after May 7 stock plunge

Planet Fitness, Inc. and certain officers are facing a securities class action, while multiple law-firm notices are seeking investors after the company’s shares fell 31% on May 7, 2026. The litigation centers on allegations that Planet Fitness overstated the strength of its “We Are All Strong on This Planet” campaign, said the effort had “legs to extend into 2026,” expressed confidence in a planned nationwide increase in Black Card membership pricing to $29.99, and reaffirmed fiscal 2026 guidance and a three-year growth plan while concealing weakening customer acquisition trends. The complaints contend the company’s marketing had shifted toward more fitness-minded consumers and alienated core beginners and casual gym-goers, creating a significant drag on net member joins during the key first-quarter sign-up season. On May 7, Planet Fitness reported first-quarter 2026 results, said the peak sign-up period had started slower than expected internally, cut same-store sales growth guidance to 1% from 4%-5%, withdrew the three-year growth algorithm introduced six months earlier, and paused the planned national rollout of the Black Card price increase. Shares fell $19.95, from $63.96 on May 6, 2026, to $44.01 on May 7, 2026. Investors seeking lead-plaintiff status have until September 14, 2026.