By Sam Boughedda
Planet Health (NYSE:) shares tumbled Thursday after The Bear Cave, a analysis e-newsletter, launched a report on the fitness center franchise claiming the corporate has taken benefit of consumers.
The e-newsletter states that whereas many buyers imagine Planet Health has room to develop, “The Bear Cave would not.”
They state that by way of a number of Freedom of Info Act requests, it has uncovered tons of of client complaints about overbilling, fraudulent transactions, extreme charges, and uncancellable memberships.
There’s a sample of misconduct, alleges TBC. These are mentioned to incorporate points equivalent to Planet Health ignoring a number of buyer cancellation letters, in-person cancellation makes an attempt being ignored, billing being resumed post-cancelations, spurious charges, and the corporate stopping clients from canceling as a result of they owe a again stability.
Moreover, they declare Planet Health made a bogus investor presentation slide to “obscure franchisee saturation.”
“After reviewing the proof, The Bear Cave is left questioning whether or not Planet Health is definitely a thriving fitness center franchise or an unlawful billing operation with gyms on the facet,” the e-newsletter reads.
Planet Health shares are down round 3.3% on the time of writing.