Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against iRhythm Technologies, Inc.
NEW YORK, February 2, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have purchased or acquired the securities of iRhythm Technologies, Inc. “iRhythm” or the “Company” (NASDAQ: IRTC) on August 4, 2020 and January 28, 2021 (the “Class Period”). The lawsuit in the US District Court for the Northern District of California pertains to violations of the Securities Exchange Act of 1934.
If you Purchased iRhythm securities and / or wish to discuss your statutory rights and options Please visit iRhythm Shareholder’s class action lawsuit or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the classroom, defendants made materially false and / or misleading statements and failed to communicate to investors that: (1) iRhythm’s business would suffer from the rulings of the CMS; (2) the reimbursement rates would actually decrease; (3) A lack of national prices in the CMS rule and fee schedule would lead to uncertainty and weakness in the company’s business. and (4) as a result of the foregoing, Defendants’ public statements at all relevant times have been materially false and misleading.
The truth emerged on December 1, 2020 when the CMS issued its final rule that finalized the codes as expected but did not finalize national prices for certain products and services offered by iRhythm. The shares opened on December 2, 2020 at a price of $ 183.00 each, compared to the closing price of $ 240.64 per share on December 1, 2020.
On January 29, 2021, Medicare administrative contractor Novitas Solutions published the actual reimbursement rates under CMS’s Medicare Physician Fee Schedule of 2021. Commenting that these rates were “way below” the earlier codes, a Baird analyst cited an example where iRhythm was previously reimbursed around $ 311 but is now down to $ 42.68.
In that news, iRhythm common stock closed at $ 168.42, down approximately 33% from its January 25, 2021 closing price of $ 251.00.
If you want to serve as the lead plaintiff, you must transfer the court no later than April 2, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you Purchased iRhythm securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/irhythmtechnologiesinc-irtc-shareholder-class-action-lawsuit-stock-fraud-359/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected over $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to monitor their assets and litigate on their behalf. Based on the success of hundreds of lawsuits and class actions, the firm has been hot listed thirteen times by the National Law Journal and listed on The Legal 500 for ten consecutive years.
LAWYER. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP