iRhythm Technologies, Inc. 2020
|Company Name||iRhythm Technologies, Inc. 2020|
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 the Company engaged in deceptive accounting practices.
On this news, iRhythm’s stock price fell $14.02 per share, or over 16%, over several trading sessions to close at $73.24 on March 28, 2019, thereby injuring investors.
Then, on November 13, 2019, iRhythm disclosed that it could not timely file its quarterly report, citing accounting errors affecting prior periods that require further analysis. The Company stated that “[t]hese errors may result in the correction of previously issued annual and quarterly financial statements” and “the error evaluation will include the assessment of any additional control deficiencies.”
On this news, iRhythm’s stock price fell $4.38, or over 6% to close at $63.04 on November 13, 2019, thereby injuring investors further.
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