Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
11/12/2021
Initial Lawsuit
02/15/2022
Lawsuit Progression
04/18/2022
This is a securities class action on behalf of all purchasers of Acutus common stock between May 13, 2021 and November 11, 2021, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(a) that 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, the company’s products;
(b) that 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) that 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) that the company’s MD&A 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) that 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.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.