Inogen Inc (NASDAQ: INGN) Investor Securities Class Action Lawsuit 03/06/2019

If you purchased a significant amount of shares of Inogen Inc (NASDAQ: INGN) between November 8, 2017 and February 26, 2019, and / or if you purchased any NASDAQ: INGN shares prior to November 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 6, 2019. NASDAQ: INGN investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Inogen
Case Name: 
Inogen Shareholder Class Action Lawsuit 03/06/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: INGN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/06/2019
Class Period Begin: 
11/08/2017
Class Period End: 
02/26/2019
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
05/06/2019
Summary: 

An investor in shares of Inogen Inc (NASDAQ: INGN) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Inogen Inc in connection with certain allegedly false and misleading statements made between November 8, 2017 and February 26, 2019.

Goleta, CA based Inogen, Inc., a medical technology company, primarily develops, manufactures, and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally.
On November 6, 2018, Inogen announced its third quarter 2018 financial results and, while the quarterly financial results were in line with expectations, defendants revealed that the growth in domestic business-to-business sales to HME providers had slowed and reduced Inogen’s guidance for fiscal 2018 adjusted EBITDA.

On February 8, 2019, a report was published by Carson Block of Muddy Waters Research and an additional report was published on February 12, 2019, by Andrew Left, managing editor of Citron Research.

On February 26, 2019, Inogen reported its fourth quarter and full year 2018 financial results. Inogen Inc reported that its annual Total Revenue rose from 249.43 million in 2017 to $358.11 million in 2018 and that its Net Income increased from $21 million in 2017 to $51.84 million in 2018. Shares of Inogen Inc (NASDAQ:INGN) grew from $29.53 per share on February 2016 to as high as $285.58 per share in September 2018.

Shares of Inogen Inc (NASDAQ: INGN) declined to as low as $100.50 per share on February 27, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Inogen Inc (NASDAQ: INGN) common shares between November 8, 2017 and February 26, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 8, 2017 and February 26, 2019, the defendants failed to disclose that Inogen had overstated the true size of the total addressable market (“TAM”) for its portable oxygen concentrators and had misstated the basis for its calculation of the TAM, that Inogen had falsely attributed its sales growth to the strong sales acumen of its salesforce, when in reality it was due in large part to sales tactics designed to deceive its elderly customer base, that the growth in Inogen’s domestic business-to-business sales to home medical equipment (“HME”) providers was inflated, unsustainable and was eroding direct-to-consumer sales, and that very little of Inogen’s business was actually coming from the more stable Medicare market.