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NEW YORK, — Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Inogen, Inc. (“Inogen” or the “Company”) (Nasdaq: INGN) in the United States District Court for the Central District of California on behalf of those who purchased or acquired Inogen between November 8, 2017 and February 26, 2019, inclusive (the “Class Period”).
Investors who purchased shares of Inogen, Inc. are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Inogen, Inc., you may, no later than May 6, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Inogen, Inc.
The filed Complaint alleges that Defendants failed to disclose that:
As a result of this information being withheld from the market, the price of Inogen common stock was artificially inflated to more than $282 per share during the Class Period.
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.
As a result of this news, the price of Inogen common stock fell over 19%, or $37.44 per share, to close at $155.86 per share.
Then, following the publication of detailed investigative reports by stock analysts on February 8, 2019 and February 12, 2019, which challenged, among other things, the size of Inogen’s actual TAM, the basis for its prior TAM claims, and the source of its Class Period sales growth, the price of Inogen common stock declined further to close at $138.05 per share on February 12, 2019.
On February 26, 2019, after the close of trading, Inogen announced disappointing fourth quarter and fiscal year 2018 financial results and significantly reduced its previously provided fiscal 2019 net income guidance. Inogen’s CEO also backtracked on the Company’s prior TAM estimate of 2.5 to 3 million patients, and blamed Inogen’s poor domestic business-to-business sales on order activity that slowed from one national homecare provider.
On this news, the price of Inogen common stock fell an additional $33.77 per share, to close of $106.28 per share on February 27, 2019.
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Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.