IMPORTANT MANNKIND SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Class Action Lawsuit Has Bee...
January 22 2016 - 06:30PM
Wolf Haldenstein Adler Freeman & Herz LLP announces that a
class action lawsuit has been filed in the United States District
Court for the Central District of California on behalf of all
shareholders who purchased shares of MannKind Corporation
("MannKind" or the "Company") (NASDAQ:MNKD) between August 10, 2015
and January 5, 2016, inclusive (the “Class Period”).
Shareholders who incurred losses on
shares on purchased within the Class Period are urged to contact
the firm immediately at classmember@whafh.com or (800) 575-0735 or
(212) 545-4774.
If you purchased the shares of MannKind
Corporation during the period August 10, 2015 and January 5, 2016,
inclusive, you may, no later than March 15, 2016,
request that the Court appoint you lead plaintiff of the proposed
class.
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. Since reaching a class period high of $4.31 per
share on August 12, 2015, the market capitalization of MannKind has
declined over $1.5 billion.
Wolf Haldenstein has extensive experience in the
prosecution of securities class actions and derivative litigation
in state and federal trial and appellate courts across the
country. The firm has attorneys in various practice areas;
and offices in New York, Chicago and San Diego. The
reputation and expertise of this firm in shareholder and other
class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities
multi-district and consolidated litigation.
If you wish to discuss this action or have any
questions regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at www.whafh.com.
All e-mail correspondence should make reference to the “MannKind
Investigation.”
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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