SOCHI, Russia—In the hours after gold-medal favorite Shani Davis finished nowhere near the podium, the U.S. speedskating team pored over data through the early morning Thursday, questioning everything from race strategy to skate blades.

After an equally disastrous outcome in the women's 1,000-meter race later on Thursday, a suspect emerged: the high-tech racing suits the team adopted for the Winter Olympics.

These...