LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its 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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iRhythm Technologies provides wearable biosensor devices to detect and monitor heart arrhythmias.
On December 2, 2020, 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, the Company’s stock price dropped approximately 20%.
On January 29, 2021, a research analyst from Baird indicated that the recent publication by Novitas Solutions, a Medicare Administrative Contractor, of reimbursement rates for CPT codes are "way lower than" those published in the Medicare Physician Fee Schedule.
On this news, the Company’s stock price fell $82.58, or 32.90%, to close at $168.42 per share on January 29, 2021, 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, 1999 Avenue of the Stars, Suite 1100, Los Angeles, 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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