Insulet (NSDQ:PODD) plans to fork over $19.5 million to settle a class action lawsuit brought by the Arkansas Teacher Retirement System, the City of Bristol Pension Fund and the City of Omaha Police and Fire Retirement System, according to court documents.
The lawsuit alleged that Insulet misrepresented the success of its OmniPod Eros roll-out in 2013, which eventually caused shares in the company to plummet. The insulin-delivery device had a number of manufacturing problems when it was launched five years ago, which the plaintiffs argued were kept hidden from investors.
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