NEW YORK, Feb. 12, 2016 /PRNewswire/ -- Harwood Feffer
LLP (www.hfesq.com) is investigating potential claims against the
board of directors of MannKind Corporation ("Mannkind" or the
"Company") (NASDAQ: MNKD), concerning whether the board has
breached its fiduciary duties to shareholders.
On January 5, 2016, MannKind
disclosed the termination of its license and collaboration
agreement with Sanofi-Aventis U.S. LLC ("Sanofi") for the inhaled
insulin product, Afrezza. The same day, Bloomberg quoted
Sanofi's spokesman, Jack Cox, as
saying that Sanofi terminated the agreement due to low level of
prescriptions. StreetInsider reported that Mr. Cox said that
prescription levels of Afrezza never even met "modest
expectations."
On this news, Mannkind stock fell nearly 50% to close at
$0.75 per share on January 5, 2015.
On January 27, 2016,
Los Angeles Times published an
article entitled "Struggling drugmaker MannKind looking for a
buyer," reporting, inter alia, that Lloyd Greif, chief executive of downtown L.A.
investment bank Greif & Co., said "all the activity… suggests
[MannKind] is scrambling to stay afloat — and that it is likely
considering any option, including a sale, that would stave off
bankruptcy."
Our investigation concerns whether the board of directors has
breached its fiduciary duties to shareholders, grossly mismanaged
the Company, and/or committed abuses of control in connection with
the foregoing.
If you own MannKind shares and wish to discuss this matter with
us, or have any questions concerning your rights and interests with
regard to this matter, please contact:
Robert I. Harwood, Esq.
Tanya Korkhov, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: tkorkhov@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the
firm.
Attorney Advertising. The law firm responsible for this
advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results
do not guarantee or predict a similar outcome with respect to any
future matter.
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SOURCE Harwood Feffer LLP