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  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-08-18 00:00:00",
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  "notes": "Uses legal excerpts to build a narrative of corporate malfeasance.",
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      "text": "iRhythm claimed that the three consultant reports were privileged because they were prepared in anticipation of a potential whistleblower lawsuit by a regulatory compliance employee. The court recently ruled in favor of the government on the discovery fight related to the third-party reports, though iRhythm has appealed.",
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      "text": "On July 1, 2024, the DOJ revealed in court filings that iRhythm had refused to produce certain relevant documents regarding the Zio AT... The DOJ was forced to move for enforcement of the subpoena because iRhythm has withheld relevant documents—'over 1,000 documents' concerning 'third-party consultant reports'—over the course of months of negotiations.",
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      "text": "The Company moved to seal documents associated with the DOJ's motion from public view... In iRhythm's reply brief in support of that motion to seal, it noted 'the immediate negative impact the disclosure of the investigation [the DOJ's administrative motion] may have had on its stock price.'",
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      "text": "The DOJ's petition specified that the Company 'has refused to produce three third-party consultant reports assessing the design history of their devices, as well as hundreds of related communications that do not involve an attorney.'",
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      "text": "iRhythm frames its resistance to the DOJ's discovery as protecting its rights. While we are not lawyers, we believe the arguments for its opposition are weak. As the government notes, the fact that iRhythm disclosed the documents in question to an adversary (a potential whistleblower) means they effectively waived privilege. iRhythm has not challenged the legitimacy of the subpoena.",
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      "text": "‘the Subpoena sought communications and other documents concerning potential issues related to the Company’s Zio Systems, including that the Zio Systems were failing to timely transmit patient cardiac data to physicians for review after the occurrence of a cardiac event.’ — DOJ Petition for Order to Show Cause",
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      "text": "Source: Case 3:24-cv-00706-JSC Document 43 Filed 10/11/24",
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      "kind": "title",
      "text": "We Believe The Discovery Process Related To The DOJ Subpoena Suggests iRhythm Is Hiding Something",
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      "text": "Excerpts From Glazing v iRhythm Second Amended Complaint",
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