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STOCK ALERT: iRhythm Drops Significantly On Slash in Medicare Reimbursement Rates For Key Products; Labaton Sucharow Announces Investigation of iRhythm Technologies, Inc. and Strongly Encourages Investors With Losses to Contact the Firm

2021-02-02 09:12 ET - News Release


NEW YORK -- (Business Wire)

Labaton Sucharow LLP, a nationally ranked and award-winning investor rights law firm, announces it is developing a proprietary investigation concerning potential securities fraud claims on behalf of shareholders of iRhythm Technologies Inc. (NASDAQ: IRTC) resulting from allegations that iRhythm may have issued materially misleading business information to the investing public.

iRhythm Technologies provides wearable biosensor devices to detect and monitor heart arrythmias. On December 2, 2020, iRhythm issued a press release stating that new Centers for Medicare and Medicaid Services (CMS) physician fee guidelines would change how payments for its Zio XT remote cardiac monitoring services would be calculated. On this news, IRTC shares dropped approximately 20%. Then on January 29, 2021, a Baird research analyst noted that Medicare Administrative Contractor rates affecting heart monitors are "way lower" than those published in the Medicare Physician Fee Schedule. On this news, IRTC shares have fallen approximately 45% in intraday trading.

If you are a shareholder or option holder that suffered losses in iRhythm, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at dschwartz@labaton.com

About the Firm

Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at www.labaton.com.

Contacts:

David J. Schwartz
(800) 321-0476
dschwartz@labaton.com

Source: Labaton Sucharow LLP

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