SAN DIEGO, Sept. 02, 2021 (GLOBE NEWSWIRE) --
Johnson Fistel, LLP, the court-appointed Lead Counsel in a derivative action brought for the benefit of Inogen, Inc. (NASDAQ: INGN) and its shareholders, announces today that a securities fraud class action pending before U.S. District Judge Fernando M. Olguin in the Central District of California against Inogen, captioned In re Inogen, Inc. Sec. Litig., No. CV 19-1643, remains alive despite Judge Olguin’s August 13, 2021 order granting the defendants’ motion to dismiss the case. Recognizing the formidable pleading standards that plaintiffs must meet to state a federal securities claim, Judge Olguin gave the plaintiff shareholders leave to amend their claims against the defendants and to file another complaint.
Specifically, the class action, which was first filed on March 6, 2019, alleges that Inogen and certain of its current and former officers violated federal securities laws by making material misrepresentations and omissions about the size of the market for Inogen’s products and the growth opportunities available to the company, among other things. As a result, the company’s stock traded at artificially inflated prices until the truth finally emerged well over a year later, causing Inogen’s stock price to plummet and its shareholders to endure millions of dollars in losses.
Following the filing of this lawsuit, the United States District Court for the District of Delaware appointed Johnson Fistel to be Lead Counsel in a derivative action brought for the benefit of Inogen and its shareholders arising out of misconduct by certain Inogen officers and directors in carrying out their fiduciary duties in connection with the misstatements and omissions. Inogen shareholders who purchased shares of Inogen on or before November 17, 2017, and continue to hold those shares, can participate in this pending derivative action and help Inogen recover damages and improved corporate governance.
If you have questions about your legal rights in this regard or if you have information that would be helpful to the derivative action, please contact Chase Stern (chases@johnsonfistel.com) at 619-230-0063 or Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
Additionally, if you are a current, long-term shareholder of Inogen, holding shares before November 17, 2017, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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