Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into ATI Physical Therapy, Inc. (NYSE: ATIP; ATIP WS) f/k/a Fortress Value Acquisition Corp. II. (NYSE: FAII; FAII WS).
On February 22, 2021, ATI and Fortress Value Acquisition Corp. II announced a proposed merger that would take ATI public. On June 17, 2021, the Company announced that it had completed its Business Combination with Fortress. Then, on July 26, 2021, the Company reported its financial results for 2Q2021, the period in which the Business Combination was completed, disclosing that “the acceleration of attrition among [its] therapists in the second quarter and continuing into the third quarter, combined with the intensifying competition for clinicians in the labor market, prevented us from being able to meet the demand we have and increased our labor costs” and reduced its fiscal 2021 forecast due to the foregoing factors.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether ATI’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of ATI Physical Therapy shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.