Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired iRhythm Technologies, Inc. (NASDAQ: IRTC) common stock between January 11, 2022 and May 30, 2023. iRhythm is a digital healthcare company that develops and manufactures heart monitoring devices designed to diagnose arrhythmias.
The Allegations: According to the complaint, during the class period, iRhythm represented to investors that the Zio AT monitor was a real-time monitor intended for a target audience of high-risk patients. The Company’s legacy monitor and main product, Zio XT, is a heart monitor intended for non-critical patients, as it does not provide real-time reporting. The Company touted the potential growth for the Zio AT as an innovative product that had only just begun to penetrate the market for real-time monitoring, which investors looked upon favorably given the premium selling price associated with devices approved for high-risk patients. As a result of these representations, the price of iRhythm common stock traded at artificially inflated prices throughout the class period. When the truth was revealed, the price of iRhythm declined.
What Now: You may be eligible to participate in the class action against iRhythm Technologies, Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by April 8, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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