NEW YORK, May 29, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Insulet Corporation (“Insulet” or the “Company”) (Nasdaq:PODD) and certain of its officers. The class action, filed in United States District Court, District of Massachusetts, and docketed under 15-cv-11855, is on behalf of a class consisting of all persons or entities who purchased Insulet securities between February 27, 2013 and April 30, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Insulet securities during the Class Period, you have until June 6, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Insulet is primarily engaged in the development, manufacture and sale of its proprietary OmniPod Insulin Management System (the “OmniPod System”), an insulin infusion system for people with insulin-dependent diabetes. The OmniPod System features a disposable tubeless OmniPod which is worn on the body for approximately three days at a time and the handheld, wireless Personal Diabetes Manager (“PDM”).
The complaint alleges that throughout the Class Period Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing slower demand for its products; (2) the Company was facing issues with its sales and marketing efforts; (3) as a result, the Company experienced unevenness in its financial performance; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects lacked a reasonable basis.
On April 30, 2015, after the market closed, the Company announced first quarter 2015 earnings 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 during the remainder of 2015.
On this news, shares of Insulet declined $2.88 per share, nearly 10%, to close on May 1, 2015, at $26.97 per share, on unusually heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com