Lieff Cabraser announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Inogen, Inc. (“Inogen” or the “Company”) (Nasdaq: INGN) between November 8, 2017 and February 26, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired Inogen securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 6, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Inogen investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Inogen Securities Class Litigation
Inogen is a Goleta, California-based medical technology company that develops and manufactures portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to people with chronic respiratory conditions.
The action alleges that, throughout the Class Period, Inogen and certain of its senior executives made materially false and misleading statements regarding the strength of Company’s business to inflate its stock price, including the size of Inogen’s total addressable market (“TAM”) and the growth of the oxygen therapy market in general.
On February 8, 2019, stock research analyst and short-seller Carson Block of Muddy Waters published a detailed report challenging Inogen’s TAM, arguing that it was far smaller than Inogen claimed, and that Inogen’s TAM was shrinking.
On February 26, 2019, Inogen issued a press release announcing its fourth quarter and fiscal year 2018 financial results, which significantly reduced its previously provided fiscal 2019 net income guidance. During a conference call discussing the results, Inogen Chief Executive Officer Scott Wilkinson backtracked on the Company’s prior TAM estimates. On this news, the price of Inogen stock declined by $33.78 over the next trading day, or 24.11% from its previous close, to close at $106.28 per share on February 27, 2019, on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP