The Law Offices of Frank R. Cruz reminds investors of the upcoming April 18, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Acutus Medical, Inc. (“Acutus” or the “Company”) (NASDAQ: AFIB) common stock between May 13, 2021 and November 11, 2021, inclusive (the “Class Period”).
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On November 11, 2021, Acutus announced that it was slashing its 2021 revenue guidance from a range of $22 million to $33 million down to a range of $17 million to $17.5 million. The Company attributed the revision in substantial part to the Company’s adoption of a new commercialization strategy focused on system relocations, sales training, and system utilization. During a conference call held the same day, the Company revealed that it had removed and repositioned approximately 20% of its AcQMap systems under evaluation arrangements during the prior quarter. The Company also admitted that these systems had been experiencing below-target utilization and that relocating such a large portion of the Company’s installations would negatively impact Acutus’ growth.
On this news, Acutus’s share price fell $3.02, or 45.3%, to close at $3.64 on November 12, 2021, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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's products; (2) a material percentage of the AcQMap systems under evaluation had been installed in locations where Acutus did not possess the infrastructure necessary to appropriately educate, train, and support medical service providers on the system's operations; (3) as a result of the foregoing, Acutus was in the process of designing a strategic plan to terminate and relocate approximately 20% of then-existing AcQMap systems evaluation arrangements; (4) 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 (5) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
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If you purchased or otherwise acquired Acutus common stock during the Class Period, you may move the Court no later than April 18, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007