F45 is going to have to restate its financial accounts because of some financial reporting errors.
👉 Background: F45 is the global fitness franchise with 45-minute HIIT classes that started in Australia. They've had a loyal following and even celebrity endorsements, like Marky Mark Wahlberg.
👉 What happened: Now, F45's in a bit of hot water. F45 have revealed that it is going to have to restate their financial accounts dating back to the 2021 financial year... because of some financial reporting errors.
👉 What else: F45 is getting HIIT hard over their financial mismanagement. And they're being investigated for potential class actions over mismanagement too.
💡Public companies rely on trust from their shareholders, customers, and the wider community to keep themselves afloat. In fact, The World Economic Forum said that around 25% of a company's market value is directly related to its reputation.
💡But F45 has seen a series of management failures, which are having long-term impacts on its expansion opportunities, relationships with stakeholders, and of course, their share price.
💡To quote Lady Gaga, 'trust is like a mirror, you can fix it if it's broken, but you can still see the crack in the MF's reflection.'
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