SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against MannKind Corporation and Certain Officer...
January 27 2016 - 12:19PM
Pomerantz LLP announces that a class action lawsuit has been filed
against MannKind Corporation (“MannKind” or the “Company”)
(NASDAQ:MNKD) and certain of its officers. The class
action, filed in United States District Court, Central District of
California, and docketed under 16-cv-00581, is on behalf of a class
consisting of all persons or entities who purchased MannKind
securities between August 10, 2015 and January 5, 2016 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 MannKind
securities during the Class Period, you have until March 15, 2016
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, ext. 9980. Those who inquire by e-mail
are encouraged to include their mailing address, telephone number,
and number of shares purchased.
MannKind, a biopharmaceutical company, focuses
on the discovery, development, and commercialization of therapeutic
products for diabetes in the United States. Its lead product is
AFREZZA inhalation powder, an insulin to control high blood sugar
in adult patients with type 1 and type 2 diabetes. MannKind
Corporation was founded in 1991 and is headquartered in Valencia,
California.
The Complaint alleges that throughout the Class
Period Defendants issued false and misleading statements to
investors and/or failed to disclose that: (1) contrary to
Defendants' assurances, the mandated pulmonary testing or
spirometry was still a significant issue impeding sales of Afrezza;
and (2) as a result, Defendants' statements about MannKind's
business, operations, and prospects, were false and misleading
and/or lacked a reasonable basis at all relevant times.
On January 5, 2016, MannKind issued a press
release entitled “MannKind Corporation Announces Termination of
License and Collaboration Agreement with Sanofi.”
Also on January 5, 2016, Bloomberg reported that
Sanofi spokesman, Jack Cox, said in an emailed statement that
Sanofi terminated the agreement with MannKind due to continued low
level of prescriptions “despite our [Sanofi’s] substantial
efforts.”
StreetInsider.com reported that Sanofi spokesman,
Jack Cox, further said in his January 5, 2016 emailed statement
that prescription levels of Afrezza never even met “modest
expectations.”
On this news, the Company’s stock fell $0.70 per
share, or over 48%, to close at $0.75 per share on January 5, 2015,
damaging investors.
On January 6, 2015, James Rufus Koren of the LA
Times, wrote an article entitled “A rare stumble for biotech
pioneer Alfred Mann.” In the article, endocrinologist and early
backer of Afrezza, Dr. Alan Marcus, stated that Afrezza was
unsuccessful because of the FDA-mandated lung tests. Particularly
since endocrinologists do not typically perform those tests, Dr.
Marcus said that doctors had “no hands-on training with either lung
testing equipment or with the Afrezza inhalers themselves.”
On this news, the Company’s stock fell $0.02 per
share, or approximately 2.67%, to close at $0.73 per share on
January 6, 2015, damaging investors.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, 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
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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