Daniel Webster, dWeb.News Publisher
| Source: Faruqi & Faruqi LLP
NEW YORK, Oct. 10, 2021 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against ATI Physical Therapy, Inc. (“ATI” or the “Company”) (NYSE: ATIP) and reminds investors of the October 15, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in ATI stock or options between February 22, 2021 and July 23, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ATIP.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that ATI was experiencing attrition among its physical therapists; (2) that ATI faced increasing competition for clinicians in the labor market; (3) that, as a result of the foregoing, the Company faced difficulties retaining therapists and incurred increased labor costs; (4) that, as a result of the labor shortage, the Company would open fewer new clinics; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 26, 2021, before the market opened, ATI reported its financial results for second quarter 2021, the period in which the Business Combination was completed. ATI stated that there was an acceleration in attrition among [its], therapists during the second quarter and continued into the third quarter. This, along with intensifying competition for clinics in labor markets, made it difficult to meet demand and increased labor costs. Though ATI was implementing certain remedial actions, the Company reduced its fiscal 2021 forecast due to the foregoing factors.
On this news, the Company’s share price fell $3. 62, or 43%, to close at $4. 72 per share on July 26, 2021, on unusually heavy trading volume. The share price continued to decline the next trading session by as much as 19%. As a result, FVAC investors who could have voted against the Business Combination and redeemed their shares at $10. 00 per share suffered a loss of $5. 28 per share.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative group may petition the Court to be appointed lead plaintiff by counsel of their choosing, or they may remain absent and do nothing. Your right to share in any recovery will not be affected by your choice to become a lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ATI’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. Faruqi & Faruqi LLP is the law firm responsible for this advertisement (www.faruqilaw.com). Precedent results are not indicative of a similar outcome in future matters. We would love to have a discussion about your case. All communications will be handled confidentially.
For more dWeb.News Business News: https://dweb.news/news-sections/business-news/
ALISO VIEJO, Calif.–(BUSINESS WIRE)–BrainChip Holdings Ltd (ASX: BRN), (OTCQX: BRCHF), a leading provider of ultra-low power high performance artificial intelligence technology, today announced that Chief Development Officer Anil Mankar will present “Intelligent Edge AI: The Future is Now” at the Linley Fall Processor Conference 2021 in the Hyatt Regency Hotel in Santa Clara, California, October…
Artificial intelligence (AI), which has seen rapid growth over the past few years, is mainly due to the development of deep neural networks and artificial intelligence computing technology. Experts believe that there will come a time when artificial intelligence will exceed human intelligence, or be able to do many tasks better than humans.
Russian online bank Tinkoff has launched an e-commerce venture. The new platform, a constellation of services and tools designed to help entrepreneurs handle and boost their online sales, will cater to a rapidly expanding online economy in Russia, as well as to clients hoping to grow their international presence. Tinkoff has hired Ilya Kretov, formerly…
WASHINGTON – As part of its mission to recruit diverse cybersecurity talent and build the workforce of the future, the Cybersecurity and Infrastructure Security Agency (CISA) has awarded $2 million to two innovative organizations for development of cyber workforce training programs. The NPower and CyberWarrior organizations, which received the awards, will focus on the unemployed…
Most Popular Articles on dWeb.News
- HEALTH NEWS: Eco-Rooted Lawsuits Target Needle Exchanges. This will be stopped by a new California law.
- HEALTH NEWS: Major Insurers Are Running Billions of Dollars Behind in Payments to Doctors and Hospitals
- RUSSIA NEWS: Taliban welcomes Russia’s plans to remove them form the terrorist list
- FRONT PAGES: A Potential New Treatment For Inflammatory Arthritis
- Top 10 Killer Magento SEO Tips for Your E-Commerce Website
- RUSSIA NEWS: Putin Says NATO’s Military Presence in Ukraine Poses Threat to Russia