Hagens Berman Advises MannKind Corp. (NASDAQGM: MNKD) Investors of March 15, 2016 Lead Plaintiff Deadline in a Newly Filed Cl...
January 22 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, announces the filing of a securities fraud class action
lawsuit against MannKind Corp. (NASDAQ:MNKD) related to the
disappointing sales of its flagship insulin inhalant, Afrezza and
alerts investors there is a March 15, 2016 lead plaintiff deadline.
If you suffered losses because of your purchases of MannKind
securities between August 10, 2015 and January 5, 2016, or have
information that will help our continuing investigation contact
Hagens Berman Partner Reed Kathrein, who is leading the firm’s
investigation by calling 510-725-3000, emailing MNKD@hbsslaw.com or
visiting https://www.hbsslaw.com/cases/MNKD. The lawsuit
was filed in the U.S. District Court for the Central District of
California and investors have until March 15, 2016 to move the
court to participate as a lead plaintiff.
MannKind, is a biopharmaceutical company whose main product,
Afrezza, is a rapid-acting insulin inhaled at mealtimes to help
control insulin levels in adults with type 1 and type 2 diabetes.
On January 5, 2016, MannKind issued a press release
announcing the termination of its license and collaboration
agreement with pharmaceutical distributor Sanofi-Aventis. That same
day, Bloomberg reported that Sanofi terminated the agreement with
MannKind due to low level of prescriptions despite Sanofi's best
efforts. 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, 2016.
Then, on January 6, 2016, an article published in the LA Times
stated that Afrezza was unsuccessful because the doctors tasked
with carrying out FDA-mandated lung testing on Afrezza patients
were unfamiliar with the tests, and didn’t prescribe Afrezza as a
result. On this news, the company's stock fell further, by
approximately 2.67%, to close at $0.73 per share on January 6,
2016.
The complaint alleges that defendants misled investors by
failing to disclose that, in spite of MannKind’s assurances, the
FDA’s required testing was impeding sales of Afrezza. As a result,
their statements throughout the class period were false and / or
misleading and lacked a reasonable basis, in violation of the
securities laws.
Whistleblowers: Persons with non-public
information regarding MannKind should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at (510) 725-3000 or
email MKND@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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