03:51 PM EDT, 05/10/2024 (MT Newswires) -- Xponential Fitness ( XPOF ) shares plunged Friday afternoon after the company suspended Anthony Geisler from his duties as chief executive at the exercise club company, effective immediately.

Trading of Xponential shares had briefly resumed trading around 3:20 pm ET following a 23-minute halt only to be suspended again at 3:30 pm for volatility as the stock dropped about 35%. The stock more recently was down about 30%.

The company said it received a notice on Tuesday from federal prosecutors for the Central District of California that they have started an investigation of the company. The new probe follows a US Securities and Exchange Commission investigation into undisclosed activities launched in December.

Xponential said Brenda Morris, a director at the company since 2019, was selected to be its interim CEO during the search for a permanent chief executive. The company also has hired an executive search firm to assist with its CEO succession planning.

Price: 8.50, Change: -3.87, Percent Change: -31.29