Insulet Corporation (NASDAQ: PODD) Investor Securities Class Action Lawsuit 05/05/2015

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Company Name(s): 
Insulet
Case Name: 
Insulet SHareholder Class Action Lawsuit 05/05/2015
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: PODD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/05/2015
Class Period Begin: 
05/07/2013
Class Period End: 
04/30/2015
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
07/06/2015
Case Dismissed: 
07/02/2015
Date Settled: 
04/06/2018
Settlement Amount: 
$19,500,000
Deadline to Participate in Settlement: 
08/02/2018
Summary: 

April 6, 2018 - The court preliminarily approved the settlement.

March 23, 2018 - Parties filed an amended stipulation of settlement.

February 9, 2018 - Parties filed a stipulation of settlement.

March 17, 2017 - The court denied defendants' motion to dismiss.

August 1, 2016 - Defendants filed a motion to dismiss.

June 1, 2016 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Insulet Corporation (NASDAQ: PODD) common shares between May 7, 2013 and April 30, 2015. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 7, 2013 and April 30, 2015.

March 31, 2016 - Lead plaintiffs and lead counsel were appointed.

July 6, 2015 - Lead plaintiff motions were filed.

July 2, 2015 - The plaintiff filed a notice of voluntary dismissal without prejudice.

June 16, 2015 - Another investor filed a complaint.

May 5, 2015 - An investor in shares of Insulet Corporation (NASDAQ: PODD) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Insulet Corporation in connection with certain allegedly false and misleading statements made between February 27, 2013 and April 30, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Insulet Corporation (NASDAQ: PODD) common shares between February 27, 2013 and April 30, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that 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 Corporation’s business, operations, and prospects lacked a reasonable basis.

Insulet Corporation reported that its annual Total Revenue rose from $152.25 million in 2011 to $288.72 million in 2014. Shares of Insulet Corporation (NASDAQ: PODD) $15.22 per share in September 2011 to as high as $49.84 per share in March 2014, respectively $46.56 per share in December 2014.

On April 30, 2015, Insulet Corporation reported its first quarter 2015 financial results. Among other things, Insulet Corporation also reaffirmed its revenue guidance for 2015 and said that for the second quarter of 2015, it is expecting revenue to be in the range of $67 to $70 million.

Shares of Insulet Corporation (NASDAQ: PODD) declined to as low as $25.00 per share on May 1, 2015.