Like a hole in the head
Just when it looked like things couldn’t get any worse for Insulet (NASDAQ:PODD) it did. According to a press release;
“Glancy Prongay & Murray LLP announces that it is investigating potential claims on behalf of investors of Insulet Corp. (“Insulet” or the “Company”) (PODD) concerning the Company’s and its officers’ possible violations of federal securities laws.”
Shares of Insulet which were already getting hammered today due to the poor results they announced yesterday are now in a free fall, down over 15% in early trading.
As we noted this morning one thing Insulet has in very short supply is time. This news makes this even clearer as the company needs a class-action lawsuit about as much as they need a hole in the head. The way things are shaping up having a good legal team might be more important to the company than a team with diabetes experience.