NEW YORK, March 23, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of Inogen, Inc. ("Inogen" or the "Company") (Nasdaq:INGN) between November 12, 2014 and March 11, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
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 divulge 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 publicized that management discovered potential violations of its internal accounting policies, which incited an internal investigation directed by the Audit Committee and independent advisors.
On this news, the Company's stock dropped $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.
If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.