Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against iRhythm Technologies, Inc. |
RADNOR, Pa., February 16, 2021 / PRNewswire / – Kessler Topaz Meltzer & Check, LLP’s law firm advises investors that a class action lawsuit for securities fraud has been filed against iRhythm Technologies, Inc. (NASDAQ: IRTC) (“iRhythm”) or acquired iRhythm- Common stock between 4th August 2020 and January 28, 2021including (the “Class Period”).
According to the complaint, iRhythm is a digital health company that offers a portfolio of outpatient heart monitoring services on its platform, Zio-Service. iRhythm receives revenue for its Zio service primarily from third party payers, which include commercial payers and government agencies such as the US Centers for Medicare and Medicaid Services (“CMS”). On August 3, 2020The CMS has released its proposed Medicare Physician Fee Schedule rule for the 2021 calendar year that will update payment policies, payment installments, and other provisions for services to be provided under the Medicare Physician Fee Schedule on or after delivery January 1, 2021. Kevin M. KingThe then President and CEO of iRhythm praised the impact the proposed rule had on iRhythm’s business and revenue.
However, the truth was revealed on 1st December 2020when 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. On December 2, 2020IRhythm’s common stock opened on $ 183.00 per share down from the 1st December 2020 End of $ 240.64.
Then next January 29, 2021Medicare’s administrative contractor, Novitas Solutions, released the actual reimbursement rates under the CMS’s Medicare 2021 Physician Fee Plan. A Baird analyst noted that these rates were “much lower than” the earlier codes and cited an example where iRhythm was previously reimbursed $ 311, but just got now $ 42.68. After this news, iRhythm’s common stock closed $ 168.42 on January 29, 2021, around 33% of his January 28, 2021 End of $ 251.00.
iRhythm investors can not later than April 2, 2021, attempt to be appointed plaintiff’s principal representative of the class by Kessler Topaz Meltzer & Check, LLP, or other lawyer, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other federal and state law violations. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
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SOURCE Kessler Topaz Meltzer & Check, LLP