NEW YORK, NY - 
(NewMediaWire) - March 12, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of purchasers or acquirers of 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”). iRhythm is a digital healthcare company that develops and manufactures heart monitoring devices designed to diagnose arrhythmias. Click Here to Join Investigation.
On May 30, 2023, after the market closed, iRhythm disclosed the receipt of a warning letter from the Food and Drug Administration (“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. According to the FDA, the Zio AT device was only approved for non-critical patients and suffered from critical flaws that imperiled high-risk patients. For example, as alleged in the complaint, the Warning Letter revealed that the Zio AT has a data transmission limit and that iRhythm failed to communicate this to providers and end-users. Critically, once the transmission limit is reached, the patient's data stops being transmitted.
Following these disclosures, the price of iRhythm shares fell $7.41 per share, about 6.1%, to close at $114.27 per share on May 31, 2023.
If you are a member of the proposed Class, you may move the court no later than April 8, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
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