Robbins Arroyo LLP: Inogen, Inc. (INGN) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of Inogen, Inc. (NASDAQGS: INGN) has filed a federal securities fraud class action complaint in the U.S. District Court for the Central District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between November 12, 2014 and March 11, 2015. Inogen is a medical technology company that develops, manufactures, and markets portable oxygen concentrators.
Inogen Misrepresents Its Business Practices
According to the complaint, shares of Inogen fell $4.24 per share, or over 11%, from closing on March 11, 2015 to close at $33.10 per share on March 12, 2015, following Inogen’s disclosure that the company had discovered potential accounting matters, prompting an internal investigation by the Audit Committee and independent advisors to determine if any of the company’s accounting policies were violated.
The complaint further alleges that Inogen made false and misleading statements and/or failed to disclose material information regarding the accuracy of its financial statements and the effectiveness of its disclosure control and internal controls over financial reporting.
Inogen Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.