WILMINGTON, Del., Jan. 22, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of MannKind Corporation (NASDAQ:MNKD)?
- Did you purchase your shares between August 10, 2015 and January 5, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of MannKind Corporation (“Mannkind” or the “Company”) (NASDAQ:MNKD) between August 10, 2015 and January 5, 2016, inclusive (the “Class Period”) alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations, and prospects. As a result of defendants’ alleged false and misleading statements, the price of the Company’s stock was artificially inflated.
According to the Complaint, the U.S. Food and Drug Administration (“FDA”) imposed strict guidelines for the prescribing of the Company’s primary product, Afrezza, including the requirement that patients undergo spirometry – a lung test to identify any underlying lung disease.
In September 2014, MannKind entered in a worldwide collaboration and licensing agreement for the development and commercialization of Afrezza with Sanofi-Aventis U.S. LLC (“Sanofi”). During an August 10, 2015 conference call, the Company stated that Sanofi had addressed the spirometry requirements and that it was “no longer a critical gating item.” The Complaint alleges, however, that defendants failed to disclose that spirometry requirement was still a significant impediment to the sale of Afrezza.
On January 5, 2016, the Company announced the termination of its license and collaboration agreement with Sanofi. A Sanofi spokesman stated that Sanofi terminated the agreement due to the low level of sales. The Company’s stock fell more than 48%, or $0.70 per share, closing at $0.75 per share on January 5, 2016. The price of the Company’s stock fell to a close of $0.73 per share the next day, January 6, 2016, after it was reported that Afrezza was unsuccessful because doctors had no hands-on training with lung testing equipment necessary to conduct the tests mandated by the FDA, or with the Afrezza inhalers.
If you wish to serve as lead plaintiff, you must move the Court no later than March 15, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you suffered a loss in MannKind and would like to obtain additional information, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail at info@rl-legal.com; or at http://rigrodskylong.com/investigations/mannkind-corp-mnkd/.
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