WARNING: Investors with Significant Losses Have Opportunity to Sue ATI Physical Therapy, Inc. Class Action Litigation

SAN DIEGO, August 23, 2021–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that: (a) purchasers of ATI Physical Therapy, Inc. f/k/a Fortress Value Acquisition Corp. II (“FVAC”) (NYSE: ATIP) securities between April 1, 2021 and July 23, 2021, including (the “Class Period”); and/or (b) holders of FVAC Class A Common Shares effective May 24, 2021 who were eligible to vote at the FVAC Special Meeting of June 15, 2021 will have until October 15, 2021 to be appointed as lead claimant in the ATI Physiotherapy class action lawsuit. The ATI Physiotherapy class action lawsuit (Burbige v. ATI Physical Therapy, Inc. f/k/a Fortress Value Acquisition Corp. II, no. 21-cv-04349) accuses ATI Physical Therapy and certain top executives and directors of ATI Physical Therapy and FVAC of violations of the Securities Exchange Act of 1934. ATI Physiotherapy class action lawsuit commenced on August 16, 2021 in the Northern District of Illinois and is pending before Judge Edmond E. Chang.

To act as lead plaintiff of the ATI Physiotherapy class action lawsuit, enter your details by clicking here. You can also contact a lawyer JC Sanchez from Robbins Geller by calling 800/449-4900 or by email at [email protected]. Chief Prosecutor’s Motions for the ATI Physiotherapy class action lawsuit must be filed in court by October 15, 2021.

CASE DESCRIPTIONS: FVAC was a special purpose acquisition company (“SPAC” or “blank check company”) formed for the purpose of effecting a merger, equity exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more companies. ATI Physical Therapy is an outpatient physical therapy company that owns and operates nearly 90 physical therapy clinics in 25 states. On June 17, 2021, ATI Physical Therapy went public through a business combination with FVAC

The ATI Physiotherapy class action lawsuit alleges that during the Class period, defendants made false and misleading statements and failed to disclose that: (i) ATI Physical Therapy experienced exhaustion under its physical therapists; (ii) ATI Physical Therapy faced increasing competition for clinicians in the job market; (iii) as a result, ATI Physical Therapy had difficulties retaining therapists and incurred higher labor costs; (iv) given the labor shortage, ATI Physical Therapy would open fewer new clinics; and (v) as a result, defendants’ positive statements about the business, operations and prospects of ATI Physical Therapys were materially misleading and/or lacked a reasonable basis.

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On July 26, 2021, ATI Physical Therapy announced its financial results for the second quarter of 2021, the period in which the business combination was completed. ATI Physical Therapy reported, among other things, that “the acceleration of the course under [its] therapists in the second quarter and continuing into the third quarter, coupled with intensifying competition for clinicians in the labor market, prevented us from meeting the demand we have and raised our expectations for labor costs.” Although ATI Physical Therapy was implementing certain corrective actions, ATI Physical Therapy lowered its forecast for fiscal year 2021 due to the foregoing factors On this news, ATI Physical Therapys stock price fell by 43%. continued to fall by as much as 19% in the next trading session, further hurting investors.

Robbins Geller Rudman & Dowd LLP has launched a special SPAC task force to protect investors in blank check companies and seek redress for corporate crimes. The SPAC Task Force, composed of experienced lawyers, investigators and forensic accountants, is committed to eradicating and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks for investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force represents the forefront of ensuring integrity, fairness and fairness in this rapidly evolving investment arena.

THE PROCESS OF THE HEAD WANDER: The Private Securities Litigation Reform Act of 1995 permits any investor who: (a) purchased securities of ATI Physical Therapy during the Class Period; and/or (b) on May 24, 2021, had FVAC class A common stock and were eligible to vote at the June 15, 2021 FVAC special meeting to be named lead claimant in the ATI Physiotherapy class action lawsuit. A lead plaintiff is generally the person with the greatest financial interest in the relief sought by the alleged class, which is also typical and adequate for the alleged class. A lead plaintiff acts on behalf of all other class members in directing the ATI Physiotherapy class action lawsuit. The lead plaintiff may select a law firm of his choice to litigate against the ATI Physiotherapy class action lawsuit. Investors’ ability to share in a possible future recovery of the ATI Physiotherapy action lawsuit does not depend on serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller’s attorneys have secured many of the largest shareholder recoveries in history, including the largest-ever securities class recovery chargeback of $7.2 billion in About Enron Corp. sec. litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by another company that had securities claimants. Please visit http://www.rgrdlaw.com For more information.

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Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20210823005083/en/

Contacts

Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
[email protected]