According to the Complaint, iRhythm Technologies, Inc. is a digital healthcare company that develops and manufactures heart monitoring devices designed to diagnose arrhythmias. One of the Company’s main products, Zio AT, is a heart monitor patch with a transmittal device that reports arrhythmic events to iRhythm’s monitoring labs, which then notify the prescribing physician of the arrhythmic event.

The Complaint alleges that, throughout the Class Period, Defendants falsely represented to investors that the Zio AT monitor was a real-time monitor intended for high-risk patients. Specifically, the Complaint alleges that Defendants repeatedly touted the potential growth for the Zio AT as an innovative product that had only just begun to penetrate the market for real-time monitoring, which investors looked upon favorably given the premium selling price associated with devices approved for high-risk patients. As a result of these misrepresentations, the Complaint claims the price of iRhythm common stock traded at artificially inflated prices throughout the Class Period.

On May 15, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel.