Xponential Fitness drops after board suspends CEO

** Shares of Xponential Fitness XPOF down 35% at $8.04 in afternoon trading

** Co says board has removed Anthony Geisler from his duties and suspended him indefinitely as CEO, effective immediately

** Co appoints Brenda Morris, a member of XPOF's board of directors, as Interim CEO, effective immediately

** XPOF discloses investigation notice received on May 7, from the United States Attorney's Office for the Central District of California ("USAO")

** Co said in December it had been contacted by the Securities and Exchange Commission to provide certain documents

** Adds, it intends to continue cooperating with the SEC and USAO

** XPOF says the board has retained a leading executive search firm to help find a new CEO

** XPOF maintains annual forecast of 550 new studio openings, $1.710 bln in system-wide sales, announced during Q1 results

** In 2023, stock fell nearly 44%