{"id":469913,"date":"2021-04-01T11:19:20","date_gmt":"2021-04-01T15:19:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469913"},"modified":"2021-04-01T11:19:20","modified_gmt":"2021-04-01T15:19:20","slug":"kessler-topaz-meltzer-check-llp-final-deadline-reminder-for-irhythm-technologies-inc-investors-irtc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kessler-topaz-meltzer-check-llp-final-deadline-reminder-for-irhythm-technologies-inc-investors-irtc\/","title":{"rendered":"Kessler Topaz Meltzer & Check, LLP: Final Deadline Reminder for iRhythm Technologies, Inc. Investors \u2013 IRTC"},"content":{"rendered":"
\n

RADNOR, Pa., April 01, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Northern District of California against iRhythm Technologies, Inc. (NASDAQ: IRTC) (\u201ciRhythm\u201d) on behalf of those who purchased or acquired iRhythm common stock between August 4, 2020 and January 28, 2021<\/em><\/strong>, inclusive (the \u201cClass Period\u201d).<\/p>\n

\n
\n
\n FINAL REMINDER<\/u>
\n <\/em>
\n <\/strong>
\n
\n :<\/em>
\n <\/strong>
\n
\n iRhythm<\/em>
\n <\/strong>
\n
\n investors may, <\/em>
\n <\/strong>
\n
\n
\n no later than April 2, 2021<\/u>
\n <\/em>
\n <\/strong>
\n
\n , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at<\/em>
\n <\/strong>
\n info@ktmc.com<\/a>; or<\/strong>click <\/em><\/strong>https:\/\/www.ktmc.com\/irhythm-technologies-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=irhythm<\/a><\/p>\n

According to the complaint, iRhythm is a digital healthcare company that offers a portfolio of ambulatory cardiac monitoring services on its platform called the Zio service. iRhythm receives revenue for its Zio service primarily from third-party payors, which includes commercial payors and government agencies, such as the U.S. Centers for Medicare and Medicaid Services (\u201cCMS\u201d). On August 3, 2020, the CMS issued its Calendar Year 2021 Medicare Physician Fee Schedule Proposed Rule, which would update payment policies, payment rates, and other provisions for services to be furnished under the Medicare Physician Fee Schedule on or after January 1, 2021.<\/p>\n

The Class Period begins on August 4, 2020, when iRhythm held a conference call with analysts to discuss the CMS proposed rule. During this call, Kevin M. King (\u201cKing\u201d), then President and CEO of iRhythm, discussed at length how iRhythm \u201cworked hand-in-hand with the various governing bodies . . . in drafting and constructing\u201d the language used in the CMS\u2019s proposed rule, and that iRhythm was \u201cwell aware and well informed\u201d of the proposed CMS rules. King praised the impact the proposed rule would have on iRhythm\u2019s business and revenues, stating that \u201c[i]f we were to apply the new codes and proposed rates, our 2019 revenues would increase slightly,\u201d and that \u201cour total business will be up slightly overall.\u201d<\/p>\n

However, the truth began to be revealed on December 1, 2020, when the CMS issued its final rule, which finalized the codes as anticipated, but did not finalize national pricing for certain products and services offered by iRhythm. On December 2, 2020, iRhythm\u2019s common stock opened at $183.00 per share, down from the December 1, 2020 close of $240.64.<\/p>\n

Then on January 29, 2021, Medicare Administrative Contractor, Novitas Solutions, published actual reimbursement rates under the CMS\u2019s 2021 Medicare Physician Fee Schedule. A Baird analyst commented that these rates were \u201cway lower than\u201d the former codes, citing one example where iRhythm was previously reimbursed around $311, but was now receiving just $42.68. Following this news, the price of iRhythm\u2019s common stock closed at $168.42 on January 29, 2021, down approximately 33% from its January 28, 2021 close of $251.00.<\/p>\n

The complaint alleges that throughout the Class Period, the defendants misrepresented and\/or failed to disclose to investors that: (1) iRhythm\u2019s business would suffer as a result of the CMS\u2019s rulemaking; (2) reimbursement rates would in fact plummet; (3) a lack of national pricing in the CMS rule and fee schedule would cause uncertainty and weakness in iRhythm\u2019s business; and (4) as a result of the foregoing, the defendants\u2019 public statements were materially false and misleading at all relevant times.<\/p>\n

iRhythm investors may, no later than April 2, 2021<\/u><\/em><\/strong>, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.\u00a0 A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.\u00a0 In order to be appointed as a lead plaintiff, the Court must determine that the class member\u2019s claim is typical of the claims of other class members, and that the class member will adequately represent the class.\u00a0 Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.<\/p>\n

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. \u00a0The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).\u00a0 The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com<\/a>.<\/p>\n

CONTACT:<\/p>\n

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com<\/a><\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

RADNOR, Pa., April 01, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Northern District of California against iRhythm Technologies, Inc. (NASDAQ: IRTC) (\u201ciRhythm\u201d) on behalf of those who purchased or acquired iRhythm common stock between August 4, 2020 and January 28, 2021, inclusive (the \u201cClass Period\u201d). FINAL REMINDER : iRhythm investors may, no later than April 2, 2021 , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) … <\/p>\n

Continue reading “Kessler Topaz Meltzer & Check, LLP: Final Deadline Reminder for iRhythm Technologies, Inc. Investors \u2013 IRTC”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469913","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKessler Topaz Meltzer & Check, LLP: Final Deadline Reminder for iRhythm Technologies, Inc. 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(NASDAQ: IRTC) (\u201ciRhythm\u201d) on behalf of those who purchased or acquired iRhythm common stock between August 4, 2020 and January 28, 2021, inclusive (the \u201cClass Period\u201d). FINAL REMINDER : iRhythm investors may, no later than April 2, 2021 , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) … Continue reading "Kessler Topaz Meltzer & Check, LLP: Final Deadline Reminder for iRhythm Technologies, Inc. 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