Life Time Fitness Inc.
Block & Leviton LLP Announces That It Has Filed A Class Action Lawsuit Against Life Time Fitness, Inc. For Violations Of Federal Securities Laws
Block & Leviton LLP has filed a class action lawsuit against Life Time Fitness Inc. ("Life Time" or the "Company") (NYSE: LTM) and its Board of Directors. The class action, filed in the United States District Court for the District of Minnesota and docketed under 0:15-cv-01911, is on behalf of a class consisting of all current holders of Life Time securities.
Life Time is a chain of fitness centers operating in the United States and Canada based out of Chanhassen, Minnesota. On March 16, 2015, the Company announced its proposed acquisition (the "Proposed Acquisition") by a consortium of investors for $72.10 per share of Life Time common stock.
The complaint alleges that, on April 3, 2015, Defendants filed with the U.S. Securities and Exchange Commission a Proxy Statement recommending the Proposed Acquisition to Company investors which contained material omissions. Among other things, the Proxy Statement failed to sufficiently disclose the interest of the Company's CEO in the Proposed Acquisition and the fair market value of the Company's real estate holdings, which make up the bulk of Life Time's assets. As such, the Proxy Statement omits material information necessary to make the Proxy not misleading to investors attempting to evaluate the financial merits of the Proposed Acquisition.
The class action seeks to enjoin Defendants from proceeding with the Proposed Acquisition until they have complied with the federal securities laws. In the event that the Proposed Acquisition is consummated, the class action seeks to recover damages on behalf of Life Time's investors.
If you wish to serve as a lead plaintiff, you must move the Court no later than June 9, 2015. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you have questions about your legal rights, would like a copy of the complaint or if you have information relevant to this lawsuit, please contact attorney Jason Leviton of Block & Leviton LLP, www.blockesq.com, at (617) 398-5600 or at email@example.com.
Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
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