A lawsuit was filed for investors in Inogen Inc (NASDAQ: INGN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/20/2019 -- An investor, who purchased NASDAQ: INGN shares, filed a lawsuit against Inogen Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Inogen Inc (NASDAQ: INGN) 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 at firstname.lastname@example.org or call +1(858) 779 - 1554.
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.
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.
Those who purchased shares of Inogen Inc (NASDAQ: INGN) have certain options and should contact the Shareholders Foundation.
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