The Law Offices of Frank R. Cruz Announces Investigation of iRhythm Technologies, Inc. (IRTC) on Behalf of Investors

The Law Offices of Frank R. Cruz announces an investigation of iRhythm Technologies, Inc. (“iRhythm” or the “Company”) (NASDAQ: IRTC) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On November 1, 2022, iRhythm released its revised fourth quarter and full year 2022 financial guidance, issuing an “Advisory Notice” to customers of its real-time heart monitor, Zio AT, and lowered its Zio AT forecast for the quarter from 40% to 20%. On this news, iRhythm’s stock price fell $19.67, or 15.5%, over two consecutive trading days to close at $107.10 per share on November 3, 2022, thereby injuring investors.

Then. On November 4, 2022, iRhythm elaborated on its Customer Advisory Notice, revealing that it had initiated it on September 28, 2022 as a result of its “assessment of topics raised in an FDA inspection focused on Zio AT,” after which the FDA issued an inspection observation report on Form 483, typically issued in cases involving violations of the Food Drug and Cosmetic Act and related Acts. On this news, iRhythm’s stock price fell $2.43, or 2.4%, to close at $100.44 per share on November 7, 2022.

Then, on May 4, 2023, iRhythm disclosed that it had received a subpoena from the Civil Division of the U.S. Department of Justice (“DOJ”), requesting documents related to certain products and services. On this news, iRhythm’s stock price fell $9.25, or 6.9%, to close at $124.79 per share on May 5, 2024.

Then, on May 30, 2023 iRhythm disclosed that it had received a warning letter from the FDA detailing several serious issues with the Zio AT device, including the device having only been approved for non-critical patients and unreliable for high-risk patients, despite the Company’s marketing of the device to high-risk patients. On this news, iRhythm’s stock price fell $7.41, or 6.1%, to close at $114.27 per share on May 31, 2023, thereby injuring investors further.

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If you purchased iRhythm securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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