iRhythm Technologies, Inc.
A securities class action has been filed in the USDC — N.D.CA. against iRhythm Technologies, Inc. (“iRhythm” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired iRhythm common stock between January 11, 2022 and May 30, 2023, both dates inclusive (the “Class Period”).
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 that 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.
The Complaint alleges that, throughout the Class Period, Defendants falsely represented to investors that the Zio AT monitor was a real-time monitor intended for high-risk patients. Specifically, Defendants repeatedly 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 misrepresentations, the price of iRhythm common stock traded at artificially inflated prices throughout the Class Period., thereby harming investors.
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