SAN DIEGO, April 4, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or purchasers of the common stock of iRhythm Technologies, Inc. (NASDAQ: IRTC) between January 11, 2022 and May 30, 2023, all dates inclusive (the Class Period), have until 8 April 2024 to seek appointment as lead plaintiff in the iRhythm class action lawsuit. Captioned Glazing Employers and Glaziers’ Union Local #27 Pension and Retirement Fund v. iRhythm Technologies, Inc., No. 24-cv-00706 (ND Cal.), the iRhythm class action lawsuit accuses iRhythm as well as some of its principals iRhythm’s current and former executives with violations of the Securities Exchange Act of 1934.
If you have suffered substantial losses and wish to serve as a lead plaintiff in the iRhythm class action lawsuit, provide your information here:
https://www.rgrdlaw.com/cases-irhythm-technologies-inc-class-action-lawsuit-irtc.html
You can also contact the lawyer JC Sanchez OR Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or by email at info@rgrdlaw.com. Submit the appellant’s motions for the iRhythm The class action lawsuit must be filed in court by April 8, 2024.
ALLEGATIONS IN THE CASE: iRhythm is a digital health company that develops and manufactures cardiac monitoring devices designed to diagnose arrhythmias.
The iRhythm class action lawsuit alleges that defendants during the Class Period made false and/or misleading statements and/or failed to disclose that: (i) iRhythm failed to comply with Food and Drug Administration (FDA) marketing regulations ) US and the prohibitions against the promotion of products for uncleared and unapproved uses contrary to the representations made to investors; and (ii) iRhythm failed to report adverse events and other missed arrhythmic events to the FDA in violation of the reporting requirements of the medical device reporting regulations.
The iRhythm class action lawsuit also alleges that on November 1, 2022, iRhythm provided revised revenue guidance for 2022 of between $407 million and $411 million, one quarter after iRhythm raised guidance to between $415 million and $420 million. iRhythm’s CEO, defendant Quentin Blackford, explained that iRhythm reduced its full-year revenue outlook in part because it had voluntarily issued a customer advisory notice [its] Uncle And customers and ah[s] given limited growth with Zio AT in the fourth quarter to date, the complaint further alleges. Following this news, the price of iRhythm common stock fell more than 4%, according to the complaint.
Then, on November 4, 2022, iRhythm disclosed that it initiated the Customer Advisory Notice on September 28, 2022, following issues raised by the FDA during an inspection culminating in an Inspection Observation Report on Form 483, and that the customer advisory notice alerted patients to a label correction regarding the device’s maximum transmission limits during use, as well as other critical issues that prevent the device from performing as advertised, the complaint further alleges. Following this news, the price of iRhythm common stock plummeted, according to the complaint.
Subsequently, as the complaint further alleges, on May 4, 2023, iRhythm announced that on April 4, 2023, [it] received a subpoena Duces Tecum from the Consumer Protection Branch, Civil Division of the United States Department of Justice, requesting the production of various documents regarding [its] products and services. Following this news, the price of iRhythm common stock fell nearly 7%, according to the complaint.
Finally, on May 30, 2023, iRhythm disclosed that it had received a warning letter from the FDA, resulting from an inspection of the Company’s facility located in Cypress, California, which concluded in August 2022 and alleging noncompliance with medical device regulations , including medical device reporting requirements, related to the Company’s Zio AT system and medical device quality system requirements, the complaint also alleges. Following this news, the price of iRhythm common stock fell by more than 6%, according to the complaint.
THE LEAD PLAINTIFF TRIAL: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired shares of iRhythm common stock during the Class Period to seek appointment as lead plaintiff in the iRhythm class action lawsuit. A lead plaintiff is generally the mover with the greatest financial interest in the relief sought by the putative class who is also typical and appropriate of the putative class. A lead plaintiff is acting on behalf of all other class members in directing the iRhythm class action lawsuit. The lead plaintiff may select a law firm of her choice to prosecute the iRhythm class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent on serving as lead plaintiff in the iRhythm class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm ranked first in the most recent ISS Securities Class Action Services Top 50 report for recovering more than $1.75 billion for investors in 2022 — third consecutive year Robbins Geller tops the list . And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiff company. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the firm’s attorneys have achieved many of the largest securities class action recoveries in history, including the largest securities class action recovery ever recorded “of $7.2 billion” in In reference to Enron Corp. Sec. Quarrel. For further information visit the following page:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Lawyer advertising.
Past results do not guarantee future results.
Services can be performed by lawyers in any of our offices.
Contact:
Robbins Geller Rudman & Dowd LLP
JC Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com