ACUTUS MEDICAL UPDATE: Berger Montague Investigates Securities Fraud Allegations Against Acutus Medical, Inc. (NASDAQ: AFIB); Lead Plaintiff Deadline is April 18, 2022
Mar 04, 2022, 20:12 ET
PHILADELPHIA, March 4, 2022 /PRNewswire/ -- Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Acutus Medical, Inc. ("Acutus" or the "Company") (NASDAQ: AFIB) between May 13, 2021 and November 11, 2021 (the "Class Period").
If you purchased Acutus securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell'Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/acutus-medical-inc-/
Whistleblowers: Anyone with non-public information regarding Acutus is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
The Lawsuit: Acutus is an arrhythmia management company focused on improving the diagnosis and treatment of cardiac arrhythmias. Acutus's primary product is its AcQMap imaging and mapping system, designed to create a comprehensive map of a patient's cardiac anatomy.
According to a recently filed lawsuit, Acutus initially lent its first-generation AcQMap workstation to users free of charge in order to gain traction in the market. In 2019, Acutus began installing its second generation AcQMap products with potential purchasers under evaluation arrangements.
The suit charges the Company and its senior management with failing to disclose to investors that a significant percentage of the AcQMap systems installed under evaluation had been randomly installed at sites with no consideration as to whether the healthcare providers at the selected locations were likely to develop the need for, and thus purchase, the products. Moreover, the action charges Acutus with failing to provide the necessary education, training, and support to users of the AcQMap.
On November 11, 2021, Acutus announced that it had slashed its 2021 revenue guidance due, in part, to a strategic decision 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. On this news, the price of Acutus Medical common stock fell 45%, from a closing price of $6.66 on November 11, 2021 to a closing price of $3.64 on November 12.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell'Angelo, Executive Shareholder
SOURCE Berger Montague
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