Kuehn Law says it is probing iRhythm directors over Zio AT disclosures
Kuehn Law said it is reviewing whether certain iRhythm Technologies officers and directors breached fiduciary duties, citing allegations in a federal securities lawsuit over the Zio AT monitor.
Kuehn Law, PLLC said on Aug. 8 that it is investigating whether certain officers and directors of iRhythm Technologies, Inc. breached fiduciary duties to shareholders, citing allegations in a federal securities lawsuit involving the company’s Zio AT monitor.
According to the notice, the lawsuit alleges insiders caused iRhythm to misrepresent or fail to disclose that the Zio AT monitor was a real-time monitor intended for high-risk patients. The release also says insiders repeatedly described the Zio AT as an innovative product with growth potential.
The notice says the allegations matter to shareholders because they center on what iRhythm told investors about the device and how those disclosures may have affected the company’s stock price. Kuehn Law said the issue concerns whether the company’s common stock traded at artificially inflated prices at relevant times.
The notice further states that investors viewed the product favorably because of the premium selling price associated with devices approved for high-risk patients. Kuehn Law said that, as a result of the alleged misrepresentations, iRhythm common stock traded at artificially inflated prices.
iRhythm Technologies is identified in the notice as Nasdaq: IRTC. Kuehn Law described itself in the release as a shareholder litigation law firm.
The firm invited long-term IRTC stockholders to contact Justin Kuehn, Esq. by email or phone. The release says Kuehn Law pays all case costs and does not charge investor clients.
The notice also says shareholders should contact the firm immediately because there may be limited time to enforce their rights. It ends with an attorney advertising disclaimer stating that prior results do not guarantee similar outcomes.
The notice did not say that a court has made any finding on the allegations.
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