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Case Status:    ONGOING    
On or around 07/23/2019 (Ongoing date of last review)

Filing Date: December 27, 2018

According to the Complaint, YogaWorks claims that it is “one of the largest and fastest growing providers of high quality yoga instruction in the U.S.” and “the only national, multidiscipled yoga instruction company.” YogaWorks generates most of its revenue from offering a variety of yoga classes at its studios. The in-studio classes offer yoga instruction for all skill levels in various yoga styles. The prices for classes vary by location and region, but on average students pay $90-$135 per month for an unlimited membership. YogaWorks offers sixmonth and annual prepaid memberships, as well as class packages in increments of 10 to 20 classes.

YogaWorks also derives revenue from teacher training programs and online subscriptions of MyYogaWorks.com. The teacher training program began in 1990 and has graduated approximately 12,000 students. These graduates are considered “ambassadors of the YogaWorks brand.” YogaWorks offers a 200-hour and a 300-hour training program, taught in 16 countries at YogaWorks studios as well as nonYogaWorks studios. Tuition for the 200-hour program is approximately $3,500 and for the 300-hour program is approximately $4,200.

This is a federal securities class action on behalf of all persons and entities, other than Defendants, who purchased YogaWorks securities pursuant and/or traceable to the Company’s initial public offering commenced on or about August 10, 2017 and closed on August 16, 2017 (the “IPO”), seeking to recover compensable damages
caused by Defendants’ violations of the Securities Act of 1933.

According to the Complaint, YogaWorks’ Registration Statement and Prospectus made materially misleading statements regarding: (1) YogaWorks’ studio-level economics and the adverse trends it faced in declining studio profitability; (2) reasons for YogaWorks’ declining revenue, including increasing corporate overhead costs; and (3) YogaWorks’ increasing corporate infrastructure costs and inability to achieve economies of scale. As of December 27, 2018, YogaWorks’ stock closed at $0.44 or 92% below its IPO price of $5.50.

On March 20, 2019, the Court issued Orders appointing Lead Plaintiff and Counsel and consolidating cases. Lead Plaintiff filed a consolidated Complaint on May 21, 2019.

COMPANY INFORMATION:

Sector: Services
Industry: Personal Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: YOGA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 18-CV-10696
JUDGE: Hon. Cormac J. Carney
DATE FILED: 12/27/2018
CLASS PERIOD START: 08/10/2017
CLASS PERIOD END: 08/16/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 18-CV-10696
JUDGE: Hon. Cormac J. Carney
DATE FILED: 05/21/2019
CLASS PERIOD START: 08/10/2017
CLASS PERIOD END: 08/16/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date
—Related District Court Filings Data is not available