Just 54 weeks since it listed on the New York Stock Exchange in a blaze of publicity, the Mark Wahlberg-backed, Australian-born gym franchisor F45 lodged a devastating trading update on Wednesday morning (Australian time).

Its 2022 revenue guidance was downgraded by 53 per cent, while full-year earnings guidance was downgraded by 71 per cent. Its guidance for new franchises sold in 2022 was revised to between 350 and 450, even though F45 claimed in May it had already sold 706 new franchises in the first quarter! Cue lawsuit…