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HABELT v. IRHYTHM TECHNOLOGIES, INC.

No. 22-15660.

83 F.4th 1162 (2023)

Mark HABELT, individually and on behalf of all others similarly situated, Plaintiff-Appellant, and Public Employees' Retirement System of Mississippi, Plaintiff, v. IRHYTHM TECHNOLOGIES, INC.; Kevin M. King; Michael J. Coyle; Douglas J. Devine, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed October 11, 2023.

Attorney(s) appearing for the Case

Omar Jafri (argued), Joshua B. Silverman , and Christopher Tourek , Pomerantz LLP, Chicago, Illinois; Jeffrey C. Block , Jacob Walker , and Mark B. Byrne , Block & Leviton LLP, Boston, Massachusetts; Jeremy A. Lieberman , Pomerantz LLP, New York, New York; Jennifer Pafiti , Pomerantz LLP, Los Angeles, California; for Plaintiffs-Appellant.

Ignacio E. Salceda (argued) and Evan L. Seite , Wilson Sonsini Goodrich & Rosati, Palo Alto, California; John B. Kenney , Wilson Sonsini Goodrich & Rosati, Washington, D.C.; for Defendants-Appellees.

Opinion by Judge H.A. Thomas; Dissent by Judge Bennett.

OPINION

In early 2021, iRhythm Technologies, Inc.'s (iRhythm) stock price fell after it received a historically low Medicare reimbursement rate for one of its products. Mark Habelt, an investor in iRhythm, filed a putative securities fraud class action against iRhythm and one of its former Chief Executive Officers...

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