San Diego, CA -- (SBWIRE) -- 02/28/2022 -- An investor, who purchased NASDAQ: AFIB shares, filed a lawsuit against Acutus Medical, Inc. over alleged violations of Federal Securities Laws.

Investors who purchased shares of Acutus Medical, Inc. (NASDAQ: AFIB) have certain options and for certain investors are short and strict deadlines running. Deadline: April 18, 2022. NASDAQ: AFIB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Carlsbad, CA based Acutus Medical, Inc's primary product is its AcQMap imaging and mapping system, which consists of a console, workstation, proprietary software algorithms, and a single-use catheter that contains ultrasound transducers and electrodes which collect the data required to create a comprehensive map of a patient's cardiac anatomy and electrical propagation pathways and patterns. To gain a market foothold, Acutus Medical initially lent its first-generation AcQMap console and workstation to users free of charge to facilitate the sale of its disposable products. In late 2019, Acutus Medical began to install its second generation AcQMap console and workstation products with potential purchasers under evaluation arrangements.

On or around August 6, 2020, Acutus Medical, Inc conducted its initial public offering ("IPO"), issuing 8,800,000 shares priced at $18.00 per share.

Then, on March 19, 2021, analysts at both William Blair and JPMorgan downgraded Acutus's stock, citing the Company's weaker than expected revenue guidance and lack of clarity regarding progress on the commercialization of the Company's AcQMap product.

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 between May 13, 2021 and November 11, 2021, Acutus Medical revealed that Acutus Medical needed to relocate AcQMap systems that had been placed in improper locations, thereby negatively impacting customer uptake

On January 19, 2022, Acutus Medical, Inc announced a corporate restructuring plan. The Company plans to review strategic priorities and cost structures.

Shares of Acutus Medical, Inc (NASDAQ: AFIB) declined from $18.00 per share in August 2020, to as low as $1.67 per share on February 18, 2022.

According to the complaint the plaintiff alleges on behalf of purchasers of Acutus Medical, Inc. (NASDAQ: AFIB) common shares between May 13, 2021 and November 11, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 13, 2021 and November 11, 2021, 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.

Those who purchased shares of Acutus Medical, Inc. (NASDAQ: AFIB) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.