Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 11/18/2021 (Date of last review)

Filing Date: August 16, 2021

According to the Complaint, Fortress Value Acquisition Corp. II (“FVAC”) was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. ATI is an outpatient physical therapy company. It owns and operates nearly 900 physical therapy clinics across 25 states. On June 17, 2021, ATI became public via a business combination with FVAC.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (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 November 18, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.