NEW YORK, Aug. 17, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of ATI Physical Therapy, Inc. ("ATI Physical Therapy" or the "Company") (NYSE: ATIP) from April 1, 2021 through July 23, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of Illinois alleges violations of the Securities Act of 1934.
If you purchased ATI Physical Therapy securities, and/or would like to discuss your legal rights and options please visit ATI Physical Therapy Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected].
The Complaint alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) ATI Physical Therapy was experiencing attrition among its physical therapists; (ii) ATI Physical Therapy faced increasing competition for clinicians in the labor market; (iii) as a result, ATI Physical Therapy faced difficulties retaining therapists and incurred increased labor costs; (iv) due to the labor shortage, ATI Physical Therapy would open fewer new clinics; and (v) as a result, defendants' positive statements about ATI Physical Therapy's business, operations and prospects were materially misleading and/or lacked a reasonable basis.
On July 26, 2021, the Company announced its financial results for the second quarter of 2021. The Company reported that the acceleration of attrition among its therapists and increased competition for clinicians prevented the Company from being able to meet its demand and increased the Company's labor costs. ATI Physical Therapy also announced it was implementing remedial measures, but still had to reduce its fiscal 2021 forecast.
On this news, the price of ATI Physical Therapy shares fell $3.62 per share, or 43%, to close at $4.72 per share on July 26, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 15, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased ATI Physical Therapy securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/atiphysicaltherapyinc-atip-shareholder-class-action-lawsuit-fraud-stock-429/apply/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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