Our securities attorneys are investigating reports that ATI Physical Therapy, Inc. may have made false and misleading statements touting the Company’s high retention rate of physical therapists.
Did you purchase or acquire ATI shares between February 22, 2021 and October 19, 2021? Speak to a lawyer.
Protect your rights by speaking with a Girard Sharp investment fraud attorney. Call us toll-free at (866) 981-4800 or submit your information below:
More Details on the ATI Investigation
ATI, a physical therapy provider, specializes in outpatient rehabilitation and adjacent healthcare services, operating nearly 900 physical therapy clinics across 24 states. Recruiting and retaining physical therapists are essential parts of ATI’s business. On June 17, 2021, ATI became a publicly traded company through the completion of a merger with FVAC (the “Merger”), a special purpose acquisition company.
In offering materials, ATI touted a high rate of retention of its physical therapists and adequate staffing. ATI assured investors that it was poised for growth and expected to open at least 90 new clinics in 2021. Yet ATI allegedly knew the Company was experiencing severe attrition among its physical therapists and facing increasing competition in the market.
The truth emerged on July 26, 2021, less than two months after the Company went public, when ATI drastically reduced its full-year earnings guidance and revealed that it could only open between 55 and 65 new clinics in 2021. The Company attributed its guidance cut to significant attrition among its physical therapists that prevented it from meeting patient demand, and a competitive hiring market that drove up labor costs. As a result of these disclosures, the price of ATI securities plummeted, resulting in losses sustained by investors.
Did you purchase ATI Physical Therapy, Inc. stock between February 22, 2021 and October 19, 2021?
You may have a legal claim. Speak to an investment fraud attorney about your rights by calling 1.866.981.4800 or filling out the form at the top of the page.
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