News
CHANHASSEN, Minn.--(BUSINESS WIRE)--Life Time Fitness, Inc. (NYSE:LTM) announced today that its Chief Executive Officer, Bahram Akradi, previously entered into various margin loans, which were secured by a pledge of his Life Time Fitness stock and other assets. Pursuant to margin calls, 582,000 shares of his Life Time Fitness stock were sold yesterday by one of the financial institutions that made some of the loans to cover Mr. Akradi’s obligations thereunder. In light of current market conditions, further sales of his Life Time Fitness stock may occur to satisfy the minimum margin requirements under the loans. Approximately 3,500,000 shares of Mr. Akradi’s Life Time Fitness stock continue to be subject to pledges under these loans.
About Life Time Fitness, Inc.
Life Time Fitness, Inc. (NYSE:LTM) operates distinctive and large, multi-use sports and athletic, professional fitness, family recreation and resort and spa centers. The company also provides consumers with personal training consultation, full-service spas and cafes, corporate wellness programs, health and nutrition education, the healthy lifestyle magazine, Experience Life, athletic events, and nutritional products. As of October 10, 2008, Life Time Fitness operated 79 centers in 17 states, including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Texas, Utah and Virginia. Life Time Fitness is headquartered in Chanhassen, Minnesota, and can be located on the Web at lifetimefitness.com. LIFE TIME FITNESS, EXPERIENCE LIFE, and the LIFE TIME FITNESS TRIATHLON SERIES are registered trademarks of Life Time Fitness, Inc. All other trademarks or registered trademarks are the property of their respective owners.