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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Acutus Medical, Inc. (NASDAQ: AFIB) who purchased common stock between May 13, 2021 and November 11, 2021. The action, which was filed in the United States District Court for the Southern District of California, alleges that the Company violated federal securities laws.
In particular, the Acutus lawsuit alleges that (a) a material percentage of the Company’s AcQMap imaging and mapping 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; (b) 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; (c) as a result of (a) and (b) above, defendants were in the process of designing a strategic plan to terminate and relocate approximately 20% of then-existing AcQMap systems evaluation arrangements; (d) 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; and (e) the Company’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 the Company.
Shareholders have until April 18, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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