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NEW YORK, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether ATI Physical Therapy Inc. (“ATI” or the “Company”) (NYSE: ATIP), or certain of its officers and directors, violated federal securities laws. If you purchased ATI securities and recently suffered a loss, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at 844-818-6982 or firstname.lastname@example.org for more information.
The investigation focuses on statements by ATI and others concerning ATI’s financial performance, operations, and business prospects leading up to and after its merger with special purpose acquisition company (SPAC) Fortress Value Acquisition Corp. II on or about June 16, 2021. ATI and its senior management have touted the Company’s growth opportunities through new clinic openings and accelerated hiring.
On July 26, 2021, before the market opened, ATI reported its financial results for the second fiscal quarter of 2021. Net operating revenue was $164.0 million, compared to $149.1 million in the first quarter of 2021. The Company also announced it was lowering guidance for the balance of the fiscal year.
On this news, the price of ATI shares fell over 43% on July 26, 2021, closing at $4.72, down from its previous close price of $8.34.
On July 27, 2021, news outlets including the Los Angeles Times reported on a report issued by Barrington Research about ATI. The Barrington Research report said the Company failed to provide “a good defense for why the company’s original guidance (which was officially maintained up until [the day before the July 26 announcement]) ever made sense,” and said “[w]e are all shocked by what has unfolded at ATI[.]”
What You Can Do
If you purchased ATI shares or securities, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at 844-818-6982, or at email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.