Wolf Haldenstein files class-action lawsuit against Fitness Champs Holdings Ltd in the United States District Court for the Southern District of New York

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Wolf Haldenstein Adler Freeman & Herz LLP announced it has filed a class action lawsuit in the U.S. District Court for the Southern District of New York, captioned Lim Yen Nee v. Fitness Champs Holdings Ltd, et.al, Case 1:26-cv-03182. The suit seeks to represent investors and other persons or entities that purchased or otherwise acquired Fitness Champs Holdings Ltd (“FCHL” or the “Company”) (NASDAQ: FCHL) securities between September 3, 2025, and September 23, 2025, inclusive.

Claims and defendants

The plaintiff pursues claims under the Securities Exchange Act of 1934 against FCHL, certain executives (Joyce Lee Jue Hui, Koh Yong Mong, and Teoh Siew Thim), and named defendants including Bancroft Capital LLC and Onestop Assurance PAC, along with unidentified “John Does 1-100.”

Allegations

The complaint alleges that defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business and operations, including the true nature of trading activity in FCHL securities.

According to the filing, defendants allegedly failed to disclose that:

FCHL was the subject of a market manipulation and fraudulent promotion scheme involving social-media-based misinformation and impersonators posing as financial professionals.
Public statements and risk disclosures omitted any mention of the realized risk of fraudulent trading or market manipulation used to drive the Company’s stock price.
As a result, FCHL securities faced unique risk of a sustained suspension in trading by NASDAQ and severe volatility-driven declines.
The sole underwriter on the IPO, Bancroft, had conducted numerous microcap IPOs that experienced volatility-driven declines tied to market manipulation schemes.
As a result, positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

IPO and business operations

The Company states it conducts its purported business operations in Singapore through two wholly owned subsidiaries: Fitness Champs PTE LTD and Fitness Champs Aquatics PTE LTD. FCHL’s website describes the Company as “a distinguished sports education provider, playing a pivotal role in shaping the aquatic landscape in Singapore.”

FCHL completed its initial public offering on September 4, 2025, selling two million ordinary shares at an offering price of $4.00 per share, raising $8 million in gross proceeds.

Stock-price move and alleged scheme

The case is tied to what the announcement describes as a sudden collapse in FCHL’s stock price on September 23, 2025. The release says the stock traded as high as $7.20 per share on September 19, 2025, without fundamental news to justify the increase.

It further alleges that FCHL was used as a vehicle in a market manipulation and pump-and-dump promotional scheme. The release says impersonators acting as financial advisors promoted FCHL in online forums, chat groups, and social media posts to create a buying frenzy among retail investors.

Market data cited

On September 23, 2025, FCHL’s stock price fell 84.6% to close at $1.07 per share, compared with $6.95 per share on the prior day’s close.
After the end of the class period, the release states shares continued to trend lower and now trade below $0.40 per share.

Lead plaintiff deadline and participation

Investors were notified that they have until June 16, 2026, to move the Court to serve as lead plaintiff in the action.

The firm said investors may obtain a copy of the complaint and submit contact information on its website, or call its New York office at 1-212-545-4774.