NEW YORK, May 4, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Inogen, Inc. (“Inogen” or the “Company”)(Nasdaq:INGN) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 15-cv-02026, is on behalf of a class consisting of all persons or entities who purchased Inogen securities between November 12, 2014 and March 11, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Inogen securities during the Class Period, you have until May 12, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Inogen is a medical technology company that develops, manufactures, and markets portable oxygen concentrators, which deliver supplemental oxygen therapy to patients suffering from chronic obstructive pulmonary disease and other respiratory conditions.
The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose information about the accuracy of Inogen's financial statements and the effectiveness of Inogen's disclosure controls and procedures. Furthermore, Inogen failed to disclose material weaknesses in its internal controls over financial reporting, and as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
After trading closed on March 11, 2015, the Company announced that management discovered potential violations of its internal accounting policies, which prompted an internal investigation conducted by the Audit Committee and independent advisors.
On this news, the Company’s stock fell $4.24 per share, or over 11%, from its previous closing price to close at $33.10 per share on March 12, 2015, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.