Update in Lawsuit for Investors in NASDAQ: PODD Shares Against Insulet Corporation Announced by Shareholders Foundation

SAN DIEGO, CA, May 17, 2017 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain purchasers of NASDAQ: PODD shares against Insulet Corporation over alleged Violations of Securities Laws.

Investors who purchased shares of Insulet Corporation (NASDAQ: PODD) in April 2013 or earlier and continue to hold any of those NASDAQ: PODD shares have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.

On May 6, 2013, Insulet Corporation announced the successful launch of its new Eros system, touting positive customer feedback, the transition of all new customers to the system and a resulting growth in both United States and overseas markets.

On January 7, 2015, Insulet disclosed that it was appointing six new executives from outside the company into key leadership positions and that its fourth quarter 2014 revenue would be $5 to $8 million less than the company's recent guidance due to reduced demand for Eros product from Insulet's distributors.

On April 30, 2015, Insulet Corporation revealed that revenues were much lower than forecasted, due in part to a myriad of issues with the Eros system.

On May 5, 2015, a lawsuit was filed against Insulet Corporation over alleged securities laws violations. The plaintiff alleged that the defendants allegedly failed to disclose that Insulet Corporation was experiencing slower demand for its products, that Insulet Corporation was facing issues with its sales and marketing efforts, that that, as a result, Insulet Corporation experienced unevenness in its financial performance, and that, as a result of the foregoing, Defendants' positive statements about Insulet's business, operations, and prospects lacked a reasonable basis.

On June 5, 2015, the U.S. FDA issued a letter to Insulet Corporation regarding defective lots of Eros that had been manufactured and shipped between 2013 and 2014 resulting in the Company recalling over 40,000 boxes of the product.

On June 1, 2016 an amended complaint was filed and on August 1, 2016 the defendants filed their motion to dismiss the case. On March 17, 2017, the Court denied the defendants' motion to dismiss the securities class action complaint.

Those who purchased Insulet Corporation (NASDAQ: PODD) shares should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.

Source: Shareholders Foundation, Inc.