IRTC - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against iRhythm Hut 8 and Amplitude and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, March 10, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of iRhythm Technologies, Inc. (NASDAQ:IRTC), Hut 8 Corp. (NASDAQ:HUT), and Amplitude, Inc. (NASDAQ:AMPL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
iRhythm Technologies, Inc. (NASDAQ:IRTC)
Class Period: January 11, 2022, - May 30, 2023 (Common Stock Only)
Lead Plaintiff Deadline: April 8, 2024
iRhythm develops and manufactures heart monitoring devices designed to diagnose arrythmias. The Company's principal product is a monitoring patch that provides electrocardiogram ("ECG") monitoring for up to 14 days, called Zio XT. The Zio XT is intended for non-critical patients, as it does not provide real-time reporting.
In 2017, iRhythm developed Zio AT, a device the Company described as "offer[ing] the full benefits of [its] Zio XT Service, with the addition of real-time data transmission and notification of actionable clinical events." Actionable arrhythmic events include atrial fibrillation, a condition that can cause troubling symptoms and serious medical complications, including blood clots that can lead to stroke and heart failure. The Zio AT comes with a cellular transmittal device that provides connectivity between the Zio AT and the proprietary algorithmic software that analyzes the ECG data and detects arrhythmic events for the 14-day wear period. Importantly, given its purported capabilities to provide "real-time" notifications of arrhythmic events, the Zio AT device is marketed to high-risk patients as a mobile cardiac telemetry device. These types of heart monitors that are approved for high-risk patients and provide near real-time alerts are also referred to as "real-time" monitors. Real-time monitors sell for a premium over monitors that do not provide real-time notifications of arrhythmic events.
The complaint alleges that, throughout the Class Period, Defendants falsely represented to investors that the Zio AT monitor was a real-time monitor intended for high-risk patients. Specifically, Defendants repeatedly touted the potential growth for the Zio AT as an innovative product that had only just begun to penetrate the market for real-time monitoring, which investors looked upon favorably given the premium selling price associated with devices approved for high-risk patients. As a result of these misrepresentations, the price of iRhythm common stock traded at artificially inflated prices throughout the Class Period.
The complaint further alleges that the truth emerged through a series of disclosures beginning on November 1, 2022, when the Company reported revised fourth quarter and full-year guidance, in part due to "Zio AT utilization." ...