Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Insulet Corporation
Oklahoma City, OK (May 8, 2015) – On May 5, 2015, a securities class action lawsuit was filed in the United States District Court for the District of Massachusetts against Insulet Corporation (NASDAQ: PODD). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 27, 2013 through April 30, 2015. More specifically, this litigation was filed because the Company failed to disclose that: (1) Insulet was experiencing slower demand for its products; (2) Insulet was facing issues with its sales and marketing efforts; (3) consequently, Insulet experienced unevenness in its financial performance; and (4) as a result, defendants’ positive statements about the Insulet’s business, operations, and prospects lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On April 30, 2015, Insulet announced first quarter 2015 earnings well below analyst expectations. According to the Company, certain Drug Delivery and International shipments planned for the first quarter of 2015 were expected to be realized later in 2015. On this unexpected news, the Company’s shares declined to close on May 1, 2015, at $26.97 per share, on unusually heavy volume.
Plaintiff seeks to recover damages on behalf of all Insulet Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, July 6, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Fri, May 8, 2015
by Robin Hester filed under