
Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Investigation
08/16/2021
Initial Lawsuit
08/16/2021
Lawsuit Progression
11/18/2021
Investigation regarding ATI Physical Therapy’s statements made in connection with the merger with Fortress Value Acquisition Corp. II about physical therapists attrition, competition and labor shortage.
07/21/2021
ATI reports its Q2 2021 financial results stating that “the acceleration of attrition among [its] therapists in the second quarter and continuing into the third quarter, combined with the intensifying competition for clinicians in the labor market, prevented us from being able to meet the demand we have and increased our labor costs.” The company reduced its fiscal 2021 forecast.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$4.72 | $8.34 | $-3.62 | -43.41% |
Plaintiff brings this securities class action on behalf of persons and entities that: (a) purchased or otherwise acquired ATI Physical Therapy securities between April 1, 2021 and July 23, 2021, inclusive; and/or (b) held Fortress Value Acquisition Corp. II (FVAC) Class A common stock as of May 24, 2021 and were eligible to vote at FVAC’s June 15, 2021 special meeting.
According to the complaint, 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, defendants allegedly 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.
11/18/2021
The court issued an order appointing the lead plaintiff and lead counsel.
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