SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against MannKind C...
January 22 2016 - 10:34AM
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of MannKind
Corporation (NASDAQ:MNKD)?
- Did you purchase your shares between August 10, 2015
and January 5, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a
complaint 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 common stock of MannKind Corporation
(“Mannkind” or the “Company”) (NASDAQ:MNKD) between August 10, 2015
and January 5, 2016, 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 defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations, and
prospects. As a result of defendants’ alleged false and misleading
statements, the price of the Company’s stock was artificially
inflated.
According to the Complaint, the U.S. Food and
Drug Administration (“FDA”) imposed strict guidelines for the
prescribing of the Company’s primary product, Afrezza, including
the requirement that patients undergo spirometry – a lung test to
identify any underlying lung disease.
In September 2014, MannKind entered in a
worldwide collaboration and licensing agreement for the development
and commercialization of Afrezza with Sanofi-Aventis U.S. LLC
(“Sanofi”). During an August 10, 2015 conference call, the Company
stated that Sanofi had addressed the spirometry requirements and
that it was “no longer a critical gating item.” The Complaint
alleges, however, that defendants failed to disclose that
spirometry requirement was still a significant impediment to the
sale of Afrezza.
On January 5, 2016, the Company announced the
termination of its license and collaboration agreement with Sanofi.
A Sanofi spokesman stated that Sanofi terminated the agreement due
to the low level of sales. The Company’s stock fell more than 48%,
or $0.70 per share, closing at $0.75 per share on January 5, 2016.
The price of the Company’s stock fell to a close of $0.73 per share
the next day, January 6, 2016, after it was reported that Afrezza
was unsuccessful because doctors had no hands-on training with lung
testing equipment necessary to conduct the tests mandated by the
FDA, or with the Afrezza inhalers.
If you wish to serve as lead plaintiff, you must
move the Court no later than March 15, 2016. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Any member of the
proposed class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
If you suffered a loss in MannKind and
would like to obtain additional information, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A.,
2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888)
969-4242; by e-mail at info@rl-legal.com; or at
http://rigrodskylong.com/investigations/mannkind-corp-mnkd/.
Attorney advertising. Prior results do not guarantee a similar
outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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