IRTC - IRHYTHM ALERT: Bragar Eagel & Squire P.C. is Investigating iRhythm Technologies Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, May 21, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against iRhythm Technologies, Inc. (NASDAQ:IRTC) on behalf of long-term stockholders following a class action complaint that was filed against iRhythm on February 6, 2024 with a Class Period from January 11, 2022, to May 30, 2023. Our investigation concerns whether the board of directors of iRhythm have breached their fiduciary duties to the company.
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 ...