Extra drama at Planet Fitness debut
There’s drama every time a company goes public, but PLNT’s $216-million IPO really caused execs to sweat. Just days after the low-cost fitness chain began offering shares August 6, the company frantically sought a temporary restraining order against a fired employee, whom it accused of stealing “highly sensitive personal and financial information” that it feared he would use to torpedo the offering, said a lawsuit filed in U.S. District Court in Maine. A federal judge granted the order by 7 p.m. August 11, and it was to remain in effect for 14 days.
The employee’s attorney, Paul Aranson, didn’t respond to a request for comment. The formerly voluble Chris Rondeau, CEO of Planet Fitness, wasn’t talking either, even after the company’s quiet period ended August 31. He perhaps contracted the same disease afflicting many CEOs of newly public companies, whose handlers scare them into staying silent.
Planet Fitness issued its second-quarter earnings September 2. Total revenue rose 25.9 percent from the same period the year before, net income by 28.9 percent—something for Rondeau to crow about.