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Investigation announced for Investors in iRhythm Technologies, Inc. (NASDAQ: IRTC) over potential Wrongdoing

01-14-2020 04:09 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in iRhythm Technologies, Inc. (NASDAQ: IRTC) shares over potential wrongdoing.

An investigation on behalf of investors in iRhythm Technologies, Inc. (NASDAQ: IRTC) shares over potential wrongdoing.

An investigation on behalf of investors in shares of iRhythm Technologies, Inc. (NASDAQ: IRTC) was announced over potential breaches of fiduciary duties by certain officers and directors at iRhythm Technologies, Inc..

Investors who purchased shares of iRhythm Technologies, Inc. (NASDAQ: IRTC) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain iRhythm Technologies directors breached their fiduciary duties and caused damage to the company and its shareholders.

San Francisco, CA based iRhythm Technologies, Inc., a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. iRhythm Technologies, Inc. reported that its annual Total Revenue rose from $98.50 million in 2017 to $147.29 million in 2018 and that its Net Loss increased from $29.42 million in 2017 to $48.28 million in 2018.

Between March 13 and March 27, 2019, a series of reports alleged that the Company’s revenue base relied on “an exceedingly generous, but increasingly fragile, reimbursement regime.” These reports also alleged that iRhythm Technologies, Inc engaged in deceptive accounting practices.

On November 13, 2019, iRhythm disclosed its inability to file its quarterly report in a timely manner, citing accounting errors affecting prior periods that may result in correction of previously issued annual and quarterly financial statements.

Shares of iRhythm Technologies, Inc. (NASDAQ: IRTC) declined from $98.13 per share on February 27, 2019 to as low as $59.73 per share on December 20, 2019.

Those who purchased shares of iRhythm Technologies, Inc. (NASDAQ: IRTC) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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