SHAREHOLDER UPDATE: Glancy Prongay & Murray LLP Appointed Lead Counsel in Securities Class Action Lawsuit Against Acutus Medical, Inc.

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) announces that it has been named lead counsel in the securities class action lawsuit against Acutus Medical, Inc. (“Acutus” or the “Company”) (NASDAQ: AFIB) and certain officers of the Company, currently pending in the United States District Court for the Southern District of California.

Investors who purchased shares of Acutus common stock between May 13, 2021 and November 11, 2021 are encouraged to contact Charles H. Linehan, Esq. of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to discuss the status of the case and the claims in the litigation

The Complaint alleges that the Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) a significant percentage of the AcQMap systems being evaluated were installed at chance at sites with little or no consideration given to whether healthcare providers at selected sites were likely to adopt or desire Acutus’ products; (2) a significant percentage of the AcQMap systems being evaluated had been installed in locations where Acutus did not have the infrastructure to appropriately educate, train, and support medical service providers on system operations; (3) as a result of the foregoing, Acutus was in the process of developing a strategic plan to terminate and move approximately 20% of the then-existing AcQMap systems assessment agreements; (4) the termination and relocation of approximately 20% of existing AcQMap Systems Assessment Agreements was reasonably likely to have a material adverse effect on Acutus Medical’s 2021 financial results; and (5) as a result of the foregoing, the defendants’ public statements were materially false and misleading at all relevant times.

On November 11, 2021, Acutus announced that it was reducing its 2021 revenue guidance from a range of $22 million to $33 million to a range of $17 to $17.5 million. The company attributed the overhaul largely to the company’s adoption of a new go-to-market strategy focused on system relocation, sales training, and system usage. During a conference call the same day, the company disclosed that it had retired and repositioned approximately 20% of its AcQMap systems under evaluation agreements during the previous quarter. The company also admitted that these systems had experienced below-target utilization and that relocating so much of the company’s facilities would negatively impact Acutus’ growth.

On this news, Acutus’ share price fell $3.02, or 45.3%, to close at $3.64 on November 12, 2021, hurting investors.

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