NEW ORLEANS, Feb. 13, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 8, 2024 to file lead plaintiff applications in a securities class action lawsuit against iRhythm Technologies, Inc. (NasdaqGS: IRTC), if they purchased the Company’s shares between January 11, 2022, and May 30, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
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iRhythm investors should visit us at https://claimsfiler.com/cases/nasdaq-irtc-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
iRhythm and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 30, 2023, the Company disclosed the receipt of a Warning Letter from the FDA regarding “non-conformities to regulations for medical devices, including medical device reporting requirements, relating to the Company’s Zio AT System and medical device quality system requirements,” specifically addressing a series of deficiencies tied to the marketing and capabilities of the Zio AT device that potentially posed a known but undisclosed risk to patients, for example transmission limits of arrhythmia or heart irregularity events.
On this news, the price of iRhythm’s shares fell $7.41 per share, or 6.1%, from a closing price of $121.68 on May 30, 2023, to a closing price of $114.27 on May 31, 2023.
The case is Glazing Employers and Glaziers’ Union Local #27 Pension and Retirement Fund v. iRhythm Technologies, Inc., No. 24-cv-706.
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