NEW YORK, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of iRhythm Technologies, Inc. (NASDAQ: IRTC)?
- Did you purchase your shares between January 11, 2022 and May 30, 2023, inclusive?
- Did you lose money in your investment in iRhythm Technologies, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of iRhythm Technologies, Inc. (“iRhythm or the “Company”) (NASDAQ: IRTC) between January 11, 2022 and May 30, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired iRhythm common stock, and/or would like to discuss your legal rights and options please visit iRhythm Technologies, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, iRhythm is a digital healthcare company that develops and manufactures heart monitoring devices designed to diagnose arrhythmias. One of the Company’s main products, Zio AT, is a heart monitor patch with a transmittal device that reports arrhythmic events to iRhythm’s monitoring labs, which then notify the prescribing physician of the arrhythmic event. According to the Company, this allows physicians to diagnose high-risk arrhythmic events in “near real-time.” These types of heart monitors, which are approved for high-risk patients and provide near real-time alerts, are called mobile cardiac telemetry monitors, also referred to as “real-time” monitors. Realtime monitors sell for a premium over monitors that do not provide real-time notifications of arrhythmic events.
On May 30, 2023, after the market closed, iRhythm disclosed the receipt of a warning letter from the FDA that detailed several serious issues with the Zio AT device (the “Warning Letter”). Among other things, the Warning Letter criticized iRhythm’s marketing of the Zio AT as a “mobile cardiac telemetry monitor” that provides “near real-time monitoring” and is approved for use in “high-risk patients” as false. In truth, the Zio AT device was only approved for non-critical patients and suffered from critical flaws that imperiled high-risk patients. For example, iRhythm imposed an arbitrary transmission limit on the number of times the Zio AT can transmit data and failed to communicate this to providers and end-users. Critically, once the transmission limit is reached, the patient’s data stops being transmitted, and the device can no longer be used for its intended purpose and cannot be relied upon by high-risk patients, as iRhythm stated. The Warning Letter also outlined other serious issues with the Zio AT device that iRhythm had known of since at least 2017 yet failed to disclose to the FDA, patients, or investors.
On this news, iRhythm’s stock price fell $7.41 per share, or 6.08%, to close at $114.27 per share on May 31, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than April 8, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired iRhythm common stock, and/or would like to discuss your legal rights and options please visit iRhythm Technologies, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
