News Summary
Kahn Swick & Foti, LLC has initiated an investigation into iRhythm Technologies following an FDA Warning Letter regarding their Zio AT monitoring system. The investigation is tied to a class action lawsuit alleging securities law violations. The FDA’s letter raises serious concerns about the company’s quality control and reporting practices, which could pose risks to patients. Shareholders are encouraged to provide information or seek legal counsel regarding their rights in light of these developments.
New Orleans – Kahn Swick & Foti, LLC (KSF), led by former Louisiana Attorney General Charles C. Foti, Jr., is launching an investigation into iRhythm Technologies, Inc. following a recent Warning Letter from the Food and Drug Administration (FDA) regarding their Zio AT monitoring system. This investigation is also connected to a class action lawsuit against the company and its executives, focusing on alleged securities law violations.
The FDA’s Warning Letter, disclosed by iRhythm on May 30, 2023, highlights significant concerns regarding non-conformities to regulations for medical devices. The letter specifically points to deficiencies in the company’s reporting requirements and quality control systems associated with the Zio AT device. Furthermore, the FDA indicated that these issues could pose undisclosed risks to patients, particularly related to the transmission limits of arrhythmia events.
Following the issuance of the Warning Letter, a securities class action lawsuit was filed against iRhythm Technologies and its executives. The lawsuit claims that the company did not properly disclose material information to shareholders during the class action period, potentially violating federal securities laws. Meanwhile, a court has denied a motion from iRhythm to dismiss the case, allowing the legal proceedings to continue.
In light of these developments, KSF is investigating whether the officers and directors of iRhythm breached any fiduciary duties owed to shareholders or violated state or federal laws through their actions or inaction. The firm is interested in gathering information from individuals who may have insights into iRhythm’s practices or from long-term shareholders who would like to discuss their legal rights and options.
For those interested in providing information or seeking counsel, KSF has established a toll-free number at 1-833-938-0905 and an email address at lewis.kahn@ksfcounsel.com.
Kahn Swick & Foti, LLC is recognized as one of the top boutique law firms specializing in securities litigation within the United States. The firm has a robust history of handling cases for a diverse clientele, including both institutional and retail investors who are seeking to recover losses incurred as a result of corporate fraud.
With offices located across the country, including cities like New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg, KSF is well-positioned to address the needs of clients nationwide. The firm has gained notable recognition, being ranked among the top 10 firms nationally by SCAS based on total settlement value.
The implications of the FDA’s Warning Letter and the ongoing investigation by KSF highlight significant concerns for iRhythm Technologies, Inc. shareholders and the broader community. As the legal situation unfolds, it remains imperative for shareholders to stay informed and consider their options in light of these developments.
Deeper Dive: News & Info About This Topic
- Business Wire: iRhythm Investigation
- GlobeNewswire: iRhythm Alert
- Law Street Media: iRhythm Faces Scrutiny
- Encyclopedia Britannica: iRhythm Technologies
- Access Newswire: Investigation Announcement
