Planet Fitness, Inc. is facing a securities class action on behalf of investors who bought PLNT securities between Nov. 6, 2025 and May 6, 2026 after the company cut 2026 targets, withdrew its three-year growth algorithm and paused a planned national Black Card price increase. The complaint alleges Planet Fitness gave investors an overly optimistic picture of its ability to drive membership growth through its national marketing campaign and pricing strategy, while the peak first-quarter sign-up period was weaker than expected because the messaging did not resonate with core fitness beginners and casual gym-goers. PLNT shares fell from $63.96 to $44.01 on May 7, 2026, a drop of $19.95 per share, or about 31.19%, following the revised outlook. Planet Fitness had previously projected 2026 system-wide same club sales growth of 4% to 5%, revenue growth of about 9%, adjusted EBITDA growth of about 10%, and adjusted diluted EPS growth of 9% to 10%, but later revised those targets to about 1%, 7%, 6%, and 4%, respectively.