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NEW YORK, Jan. 27, 2016 -- Pomerantz LLP announces that a class action lawsuit has been filed against MannKind Corporation (“MannKind” or the “Company”) (NASDAQ:MNKD) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 16-cv-00581, is on behalf of a class consisting of all persons or entities who purchased MannKind securities between August 10, 2015 and January 5, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased MannKind securities during the Class Period, you have until March 15, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
MannKind, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes in the United States. Its lead product is AFREZZA inhalation powder, an insulin to control high blood sugar in adult patients with type 1 and type 2 diabetes. MannKind Corporation was founded in 1991 and is headquartered in Valencia, California.
The Complaint alleges that throughout the Class Period Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) contrary to Defendants' assurances, the mandated pulmonary testing or spirometry was still a significant issue impeding sales of Afrezza; and (2) as a result, Defendants' statements about MannKind's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis at all relevant times.
On January 5, 2016, MannKind issued a press release entitled “MannKind Corporation Announces Termination of License and Collaboration Agreement with Sanofi.”
Also on January 5, 2016, Bloomberg reported that Sanofi spokesman, Jack Cox, said in an emailed statement that Sanofi terminated the agreement with MannKind due to continued low level of prescriptions “despite our [Sanofi’s] substantial efforts.”
StreetInsider.com reported that Sanofi spokesman, Jack Cox, further said in his January 5, 2016 emailed statement that prescription levels of Afrezza never even met “modest expectations.”
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, damaging investors.
On January 6, 2015, James Rufus Koren of the LA Times, wrote an article entitled “A rare stumble for biotech pioneer Alfred Mann.” In the article, endocrinologist and early backer of Afrezza, Dr. Alan Marcus, stated that Afrezza was unsuccessful because of the FDA-mandated lung tests. Particularly since endocrinologists do not typically perform those tests, Dr. Marcus said that doctors had “no hands-on training with either lung testing equipment or with the Afrezza inhalers themselves.”
On this news, the Company’s stock fell $0.02 per share, or approximately 2.67%, to close at $0.73 per share on January 6, 2015, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]
