The Acutus Medical class action lawsuit alleges that, throughout the Class Period, Acutus Medical made false and misleading statements and 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, Acutus Medical’s products; (ii) a material percentage of the AcQMap systems under evaluation had been installed in locations where Acutus Medical did not possess the infrastructure necessary to appropriately educate, train, and support medical service providers on the system’s operations; (iii) as a result, Acutus Medical was in the process of designing a strategic plan to terminate and relocate approximately 20% of then-existing AcQMap systems evaluation arrangements; (iv) Acutus Medical’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 Acutus Medical’s 2021 financial results; and (v) Acutus Medical’s risk factor discussions were materially false and misleading and made reference to potential risks without disclosing that such risks were then-existing or adequately describing the specific nature of the risks then facing Acutus Medical. On November 11, 2021, Acutus Medical announced that it had slashed its 2021 revenue guidance due, in part, to a strategic decision by Acutus Medical 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 Acutus Medical’s representations during the Class Period, Acutus Medical revealed that Acutus Medical needed to relocate AcQMap systems that had been placed in improper locations, thereby negatively impacting customer uptake. On this news, the price of Acutus Medical common stock plummeted more than 45% in a single day, damaging investors.
The alleged class includes : All purchasers of Acutus common stock between May 13, 2021 and November 11, 2021, inclusive.
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