Pomerantz LLP is investigating claims on behalf of investors of YogaWorks, Inc. ("YogaWorks" or the "Company"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether YogaWorks and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around August 11, 2017, YogaWorks conducted its initial public offering ("IPO"), issuing approximately 7.3 million shares of common stock priced at $5.50 per share. On August 14, 2018, YogaWorks reported its financial and operating results for the second quarter of 2018 and held a conference call to discuss the results. YogaWorks announced that it had lowered the midpoint of earnings before interest, taxes, depreciation, and amortization guidance by roughly $2.5 million, citing changes in its promotional activities as well as planned training and brand building initiatives. During the conference call, YogaWorks further disclosed that the Company would be pivoting from its much-touted acquisition strategy and refocusing on its base business and improving the profitability of its revenue stream.
Following these announcements, YogaWorks' stock price fell $0.77 per share, or 41.4%, to close at $1.09 per share on August 15, 2018. Since the IPO, YogaWorks' stock price has fallen precipitously from its offering price of $5.50 per share.