Hagens Berman Reminds MannKind Corp. (NASDAQGM: MNKD) Investors of March 15, 2016 Lead Plaintiff Deadline in a Class Action L...
February 08 2016 - 08:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds investors in MannKind Corp. (NASDAQ:MNKD) that there
is a March 15, 2016 lead plaintiff deadline in the class action
related to the disappointing sales of its flagship insulin
inhalant, Afrezza.
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 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 the agreement was terminated 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, 2015.
Then, on January 6, 2015, 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,
2015.
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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