Corporate Investigations Mounting
Pomerantz LLP Initiates Investigations into Five Companies Following Financial Performance Concerns
Pomerantz LLP said it is investigating potential securities fraud or other unlawful conduct on behalf of investors in Cencora, Armstrong World Industries, Planet Fitness, Black Rock Coffee Bar, and ADMA Biologics. For Cencora, the probe follows a quarter that missed expectations and a reduction to full-year revenue growth guidance, after management pointed to manufactured list price reductions as a major revenue headwind. For Armstrong, Pomerantz cited disclosures that volumes were softer than expected and that delayed projects created an “air pocket” in results. Planet Fitness faces an investigation after reporting slower-than-expected net member growth, pausing a planned Black Card price increase, and cutting multiple 2026 growth targets, leading to a steep share drop. Black Rock is included following a post-IPO period where first-quarter results missed consensus on both earnings and revenue. ADMA is also under review after a report alleging channel stuffing and an undisclosed related-party distributor, followed by analyst downgrades and the company’s withdrawal of long-term guidance amid shifting market dynamics.
Key Points
For Cencora, Pomerantz said the company reported Q2 revenue of $78.3 billion—missing consensus by $2.68 billion—and cut full-year 2026 revenue growth guidance to 4% to 6% (from 7% to 9%). Management attributed the shortfall to “manufactured list price reductions … represented a $2 billion revenue headwind in the quarter.” The stock fell $53.16 (17.4%) to close at $252.74 on May 6, 2026.
For Armstrong, Pomerantz highlighted that in the Architectural Specialties segment, management said there were “five good sized projects” delayed—projects “not only fell out of the quarter, they fell out of the year.” Armstrong also said it “really did not have the operating leverage in the fourth quarter based on these project push outs,” which it described as creating an “air pocket.”
For Planet Fitness, Pomerantz included specific revised 2026 outlook figures: system-wide same club sales growth lowered to ~1% (from 4%–5%), revenue growth to ~7% (from ~9%), adjusted EBITDA growth to ~6% (from ~10%), adjusted net income expected to decrease ~2% (from 4%–5% growth), and adjusted diluted EPS growth to ~4% (from 9%–10%).
For Black Rock Coffee Bar, Pomerantz said the stock drop followed a post-IPO pattern: the company’s September 12, 2025 IPO sold 14.71 million shares priced at $20.00. In its May 12, 2026 Q1 release, it reported GAAP EPS of $0.02 (missing by $0.01) and revenue of $55.5 million (missing by $1.14 million); the stock then fell $3.32 (30.26%) to close at $7.65 on May 13, 2026.
For ADMA, Pomerantz cited Culper Research’s estimate that, “absent channel stuffing,” ADMA revenues declined 3% in 2025 versus +20% reported. Pomerantz also said Cantor Fitzgerald downgraded ADMA on March 26, 2026, criticizing the company’s response to the Culper report as lacking “specific feedback addressing the direct claims in the report.”
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