iRhythm Technologies, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired iRhythm Technologies, Inc. (“iRhythm” or the “Company”) (NASDAQ: IRTC) securities during the period from August 4, 2020 through January 28, 2021 (the “Class Period”). Investors have until April 2, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
iRhythm Technologies provides wearable biosensor devices to detect and monitor heart arrythmias. On December 1, 2020, the CMS issued its Calendar Year 2021 Medicare Physician Fee Schedule Final Rule, which established payment policies, payment rates, and other provisions for services furnished under the Fee Schedule on or after January 1, 2021. 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 fell $48.43 per share, or approximately 20%, to close at $192.21 per share on December 2, 2020.
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, iRhythm shares fell $82.58 per share, or approximately 33%, to close at $168.42 per share on January 29, 2021.
If you purchased or otherwise acquired iRhythm securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.