GlobeNewswire
Kessler Topaz Meltzer & Check, LLP reminds investors of securities fraud class action lawsuit against iRhythm Technologies, Inc.
RADNOR, Pa., Feb. 14, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit for securities fraud has been filed against iRhythm Technologies, Inc. in the U.S. District Court for the Northern District of California ( NASDAQ: IRTC) (“iRhythm”) on behalf of those who purchased or acquired common shares of iRhythm between August 4, 2020 and January 28, 2021 inclusive (including the “Class Period”). Lead plaintiff deadline: April 2, 2021 Website: https://www.ktmc.com/irhythm-technologies-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=irhythm Contact: James Maro, Esq. (484) 270-1453 Adrienne Bell, Esq. (484) 270-1435 Toll Free (844) 887-9500 According to the complaint, iRhythm is a digital health company that offers a portfolio of outpatient heart monitoring services on its platform, Zio-Service. iRhythm receives revenue for its Zio service primarily from third party payers, which include commercial payers and government agencies such as the US Centers for Medicare and Medicaid Services (“CMS”). On August 3, 2020, the CMS published its proposed rule for the Medicare Physician Fee Schedule for the 2021 calendar year, setting payment policies, payment rates, and other provisions for services under the Medicare Physician Fee Schedule on or after January 1, 2021 Kevin M. King, then President and CEO of iRhythm, praised the impact the proposed rule would have on iRhythm’s business and revenue. However, the truth emerged on December 1, 2020 when the CMS issued its final rule that finalized the codes as expected but did not finalize national prices for certain products and services offered by iRhythm. On December 2, 2020, iRhythm common stock opened at $ 183.00 per share, compared to the December 1, 2020 closing price of $ 240.64. On January 29, 2021, Medicare administrative contractor Novitas Solutions published actual reimbursement rates under the CMS’s Medicare Physician Fee Schedule of 2021. A Baird analyst commented that these rates were “well below” the earlier codes, citing an example where iRhythm was previously reimbursed around $ 311 but now received only $ 42.68. According to the news, iRhythm’s common stock closed at $ 168.42 on January 29, 2021, down approximately 33% from its January 28, 2021 closing price of $ 251.00. iRhythm investors can seek class lead plaintiff no later than April 2, 2021 by Kessler Topaz Meltzer & Check, LLP, or other attorney, or they can choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff. Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other federal and state law violations. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. CONTACT: Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq. 280 King of Prussia RoadRadnor, PA 19087 (844) 887-9500 (toll free) (610) 667-7706info@ktmc.com
