BLB&G Advances Class Action Against iRhythm Following Denial of Company's Request for Judgment

Bernstein Litowitz Berger & Grossmann represented the Oklahoma Firefighters Pension and Retirement Fund in advancing a securities class action against iRhythm. The action continued after U.S. District Judge Jacqueline Scott Corley denied iRhythm's request for judgment on the pleadings, following an earlier denial of the defendants' motion to dismiss. Judge Corley concluded it would be improper to reconsider earlier rulings concerning allegations that iRhythm's CEO, Quentin Blackford, intentionally misled investors and that investors suffered losses after disclosures about the company's Zio AT heart-event monitoring device. The complaint alleges that iRhythm misrepresented the capabilities of its Zio AT device and falsely marketed it as providing real-time heart monitoring, which caused the company's stock to trade at artificially inflated prices. Subsequent disclosures — including reduced revenue forecasts, an FDA inspection warning, a Department of Justice subpoena, and an FDA letter highlighting false marketing claims — precipitated a substantial decline in iRhythm's stock value. Judge Corley's ruling preserves the viability of the core claims and represents an important step toward potential recovery for investors. Bernstein Litowitz Berger & Grossmann represented Oklahoma Firefighters Pension and Retirement Fund with a team composed by: Partners John Rizio-Hamilton and Katie Sinderson (partners, securities litigation).

BLB&G Advances Class Action Against iRhythm Following Denial of Company's Request for Judgment

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