Sumary of Investigation Reminder: Barrack, Rodos & Bacine Reminds Investors in ATI Physical Therapy, Inc. that It is Investigating ATI for Securities Fraud:
- Bacine reminds investors who have sustained losses in ATI Physical Therapy, Inc. (NYSE:ATIP) (“ATI” or the “Company”) that it is investigating possible securities law violations by the ATI board of directors and officers.
- In an accompanying investor slide deck detailing the merger, ATI was forecasted to achieve $731 million in revenues and $119 million in adjusted EBITDA in 2021. Approximately three months later, on May 14, 2021, Fortress filed the deal’s definitive proxy statement, which contained the same 2021 forecasts.
- As a result, ATI lowered its full year 2021 revenue guidance to $640 million – $670 million and adjusted EBITDA to $60 million – $70 million, which is significantly below what ATI said just two months earlier.
- ” In a report on the earnings statement, Barrington Research pointed out, “The release also lacked a share count, a balance sheet, a cash flow statement or, for that matter, a good defense for why the company’s original guidance (which was officially maintained up until yesterday) ever made sense….
- “ATI investors who have sustained losses are encouraged to contact Michael Toomey or Jeffrey Gittleman of Barrack Rodos &