SAN DIEGO & GOLETA, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP reminds investors that shareholders of Inogen (NASDAQ: INGN) filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between November 8, 2017 and February 26, 2019. Inogen is a medical technology company that primarily develops, manufactures, and markets portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients.
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Inogen, Inc. (INGN) Accused of Misstating its Strong Sales and Financial Success
According to the complaint, on November 7, 2017, Inogen touted its strong sales and financial success, predicting "strong results in 2018…" and increased its guidance range for full year 2017 revenue. Inogen subsequently increased its FY18 guidance range, emphasizing that the company's strong direct-to-customer sales were the result of the strong sales acumen of its salesforce. These quarterly statements were often followed by significant increases in stock price that resulted in a class period high of more than $282 per share on September 14, 2018. In February 2019, a series of news articles were released criticizing the company's narrative and denouncing its sales tactics, negatively affecting the company's stock. Then, on February 26, 2019, Inogen announced poor 4Q18 and FY18 financial results, which caused Inogen's stock to fall nearly $34 per share, or more than 24% to close at $106.28 per share on February 27, 2019. The stock now trades at around $46 per share, representing another 57% decline in value.
Inogen, Inc. (INGN) Shareholders Have Legal Options
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