Most of the money is owed to Beckham,who is alleging a breach of contract of his promotional agreement and is seeking $US18.85 million.
“The company disputes these claims and intends to vigorously defend itself,” F45 said in its financial statements.
But F45 also cautioned “there can be no assurance that such legal proceedings will not have a material adverse effect on our business,results of operations,financial condition,or cash flows.”
The fitness group also confirmed its own investors have launched a class action against the company as well as current and former board members including Wahlberg and co-founder Adam (not the cricketer) Gilchrist. Pledge Capital is the lead plaintiff and US law firm Labaton Sucharow is its legal representative.
The investors allege misleading statements were made by the group ahead of its disastrous public float in July 2021.
Investors,some of whom paid $US16 per share in the July 2021 public float on the New York Stock Exchange (NYSE),watched the stock hit a record low of just US7.26¢ last month,just before it was ejected from the stock exchange.
F45 has filed a motion to dismiss the complaint and said the motion is expected to be fully briefed in November.