NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Insulet Corporation (NasdaqGS: PODD).
On May 6, 2013, Insulet 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. However, in truth, the company experienced significant quality problems with Eros throughout 2013 and 2014. On January 7, 2015 and again on April 30, 2015, the Company revealed that revenues were much lower than forecasted, due in part to a myriad of issues with the Eros system. Further, on June 5, 2015, the U.S. FDA issued a letter to the Company 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.
Thereafter, Insulet and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. On March 17, 2017, the Court denied Insulet’s motion to dismiss the securities class action complaint.
KSF’s investigation is focusing on whether Insulet and/or its officers and directors violated state or federal securities laws.
If you are an Insulet shareholder and have suffered losses, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.