BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith reminds investors of the upcoming April 18, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Acutus Medical, Inc. (“Acutus” or the “Company”) (NASDAQ: AFIB) common stock between May 13, 2021 and November 11, 2021, inclusive (the “Class Period”).
Investors suffering losses on their Acutus investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected]
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.
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 ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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