NEW YORK, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against ATI Physical Therapy, Inc. (f/k/a Fortress Value Acquisition Corp. II (“FVAC”)) (“ATI” or the “Company”) (NYSE: ATIP) in the United States District Court for the Northern District of Illinois on behalf of those who purchased or otherwise acquired ATI publicly traded securities between April 1, 2021 and July 23, 2021, inclusive (the “Class Period”); and/or (b) holders of FVAC Class A common stock as of May 24, 2021 who were eligible to vote at FVAC’s June 15, 2021 special meeting.

FVAC was a special purpose acquisition company (“SPAC” or “blank check” 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 that owns and operates nearly 90 physical therapy clinics across 25 states. On June 17, 2021, ATI became public via a business combination with FVAC.

The Complaint alleges that Defendants made false and misleading statements and failed to disclose that: (i) ATI was experiencing attrition among its physical therapists; (ii) ATI faced increasing competition for clinicians in the labor market; (iii) as a result, ATI faced difficulties retaining therapists and incurred increased labor costs; (iv) given the labor shortage, ATI would open fewer new clinics; and (v) consequently, Defendants’ positive statements about ATI’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Investors who purchased or otherwise acquired shares of ATI during the Class Period should contact the Firm prior to the October 15, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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