On January 19, 2023, market analyst The Bear Cave published a report titled “Problems at Planet Fitness.” Among other things, the report alleged that Planet Fitness released an inaccurate slide understating market saturation in an investor presentation, and that, as a standard practice, it overbilled customers and prevented them from cancelling their memberships, resulting in lawsuits around the country. After reviewing the evidence, The Bear Cave stated it was “left wondering whether Planet Fitness is actually a thriving gym franchise or an illegal billing operation with gyms on the side.”

On this news, Planet Fitness’s stock price fell $1.96 per share, or 2.4%, in intraday trading.