MannKind Corp. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Breaches of Fiducia...
January 25 2016 - 3:11PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor LLP announce that a
federal class action lawsuit has been filed against MannKind Corp.
(“MannKind”) (NASDAQ: MNKD) and several officers and directors for
acts taken during the period of August 10, 2015 through January 5,
2016 (the “Class Period”).
Shareholders who suffered a loss during the class period have
until March 15, 2016 to seek appointment as lead plaintiff. If you
lost more than $150,000.00 from shares purchased during the class
period and wish to take a more proactive role in the litigation,
you are urged to contact Willie Briscoe at The Briscoe Law Firm,
PLLC via email at shareholders@thebriscoelawfirm.com, Patrick
Powers at Powers Taylor LLP via email at
shareholder@powerstaylor.com, or call toll free at (877) 728-9607.
There is no cost or fee to you.
According to the complaint, the defendants are alleged to have
violated certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges, among other things, that
defendants failed to disclose during the Class Period that the
mandated pulmonary testing (or spirometry) remained a significant
issue impeding sales of Afrezza. 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. Then, on January 6,
2016, an LA Times article 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. MannKind stock dropped
significantly immediately following these announcements.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160125006457/en/
The Briscoe Law Firm, PLLCWillie Briscoe,
877-728-9607shareholders@thebriscoelawfirm.comorPowers Taylor
LLPPatrick Powers, 877-728-9607shareholder@powerstaylor.com
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