New York, New York--(Newsfile Corp. - March 24, 2022) - Pomerantz LLP announces that a class action lawsuit has been filed against Acutus Medical, Inc. ("Acutus" or the "Company") (NASDAQ: AFIB) and certain of its officers. The class action, filed in the United States District Court for the Southern District of California, and docketed under 22-cv-00388, is on behalf of a class consisting of all purchasers of Acutus common stock between May 13, 2021 and November 11, 2021, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired Acutus common stock during the Class Period, you have until April 18, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Acutus designs and manufactures a range of tools for catheter-based ablation procedures and markets and sells its products to hospitals and electrophysiologists that treat patients with arrhythmias. The Company's primary product is its AcQMap imaging and mapping system, which consists of a console, workstation, proprietary software algorithms, and a single-use catheter that contains ultrasound transducers and electrodes which collect the data required to create a comprehensive map of a patient's cardiac anatomy and electrical propagation pathways and patterns.
To gain a market foothold, Acutus initially lent its first-generation AcQMap console and workstation to users free of charge to facilitate the sale of its disposable products. In late 2019, Acutus began to install its second generation AcQMap console and workstation products with potential purchasers under evaluation arrangements. Pursuant to these agreements, Acutus places the AcQMap console and workstation with potential customers free of charge for a specified period. The Company then attempted to sell the console and workstation to the potential customers in exchange for a cash payment, or a contractual commitment to purchase a minimum amount of its disposable products.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a material percentage of the AcQMap systems under evaluation had been randomly installed at sites with little, if any, consideration given to whether the healthcare providers at the selected locations were likely to adopt, or desire, the Company's products; (ii) a material percentage of the AcQMap systems under evaluation had been installed in locations where the Company did not possess the infrastructure necessary to appropriately educate, train, and support medical service providers on the system's operations; (iii) as a result of (i) and (ii) above, Defendants were in the process of designing a strategic plan to terminate and relocate approximately 20% of then-existing AcQMap systems evaluation arrangements; (iv) the Company's management discussion and analysis was materially false and misleading and failed to disclose that the termination and relocation of approximately 20% of existing AcQMap systems evaluation arrangements was reasonably likely to have a material adverse effect on the Company's 2021 financial results; (v) the Company's risk factor discussions were materially false and misleading and made reference to potentialrisks without disclosing that such risks were then-existingor adequately describing the specific nature of the risks then facing the Company; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times.
On November 11, 2021, Acutus announced that it had slashed its 2021 revenue guidance due, in part, to a strategic decision by Defendants during the third quarter of 2021 to relocate approximately 20% of AcQMap systems installations under then-existing evaluation arrangements to address meaningfully lower-than-expected product adoption. Further, contrary to Defendants' representations during the Class Period, Defendants revealed that Acutus needed to relocate AcQMap systems that had been placed in improper locations, thereby negatively impacting customer uptake.
On this news, the Company's stock price fell $3.02 per share, or 45.35%, to close at $3.64 per share on November 12, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118092
