Lawsuit follows Inogen news
GOLETA, Calif. – On the heels of the news that Inogen is investigating its accounting practices, Powers Taylor, a securities litigation firm, has filed a federal class action lawsuit in the U.S. District Court for the Central District of California against the company and several of its directors. Inogen announced on March 12 that it had to delay reporting its fourth quarter and year-end earnings due to an internal investigation of its accounting practices. Willie Briscoe, a former attorney for the U.S. Securities and Exchange Commission and the founder of The Briscoe Law Firm, has joined Powers Taylor in filing the lawsuit. The complaint alleges, among other things, 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 controls and internal controls over financial reporting,” according to a press release. Powers Taylor and Briscoe seek shareholders to join the action.