SAN FRANCISCO, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges ATI Physical Therapy, Inc. (NYSE: ATIP) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Contact An Attorney Now: ATIP@hbsslaw.com
ATI Physical Therapy, Inc. (ATIP) Investigation:
The investigation focuses on statements by ATI Physical Therapy, its senior management, and others concerning ATI Physical Therapy’s financial performance, operations and business prospects leading up to and after its merger with special purpose acquisition company Fortress Value Acquisition Corp. II that closed on or about June 16, 2021.
More specifically, ATI Physical Therapy and senior management have touted the company’s growth opportunities through new clinic openings and accelerated hiring.
But on July 26, 2021, slightly a month after the merger closed, ATI Physical Therapy reported disappointing Q2 2021 financial results and slashed its full year revenue expectations by as much as 12%, blaming dismal outlook on accelerated attrition of physical therapists and a corresponding reduction in estimated new clinic openings.
The company also disclosed it “has determined that the revision to its 2021 forecast constitutes an interim triggering event that requires further analysis with respect to potential impairment to goodwill and trade name intangible assets.”
Most recently, on July 28, 2021, analysts at Barrington Research reportedly accused ATI of failing to provide “a good defense for why the company’s original guidance (which was officially maintained up until yesterday) ever made sense,” stated “[w]e are all shocked by what has unfolded at ATI,” and concluded “ATI has, unfortunately, fully earned the time we believe it will spend in the penalty box.”
This news sent the price of ATI Physical Therapy shares crashing lower.
“We’re focused on investors’ losses and company insiders overstated ATI Physical Therapy’s asset values and expected 2021 revenues,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in ATI Physical Therapy and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding ATI Physical Therapy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ATIP@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on at @classactionlaw.
Reed Kathrein, 844-916-0895