NEW YORK, March 9, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against MannKind Corp. ("MannKind" or the "Company") (NASDAQ: MNKD). The class action has been filed in the United States District Court, Central District of California on behalf of a class consisting of all persons or entities who purchased MannKind securities during the period 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").
MannKind is a biopharmaceutical company that primarily focuses on the innovation, advancement, and commercialization of therapeutic products for diabetes in the United States. AFREZZA, its lead product is an inhalation powder, an insulin to control high blood sugar in adult patients with type 1 and type 2 diabetes.
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."
On January 5, 2016, MannKind, announced the termination of their licensing agreement with Sanofi SA (NYSE: SNY) in the U.S. for the development and sale of Afrezza, its inhaled insulin treatment designed to treat diabetes. On that same day, Reuters reported that a Sanofi "spokesman says Afrezza decided to end Afrezza deal with MannKind following low level of prescriptions, despite substantial sales efforts." They added that the product never met even modest expectations and they do not project Afrezza reaching even the lowest patient levels that were anticipated at the time of entering the license and collaboration agreement and that costs are projected to remain very high for a significant period of time. Following this news, on January 5, 2016, MannKind shares fell $0.70, or over 48%, to close at $0.75.
On January 6, 2016, the Los Angeles Times stated, "While the warning and tests might have been a turnoff for some potential users, some doctors and analysts suggested Afrezza's struggles also were the result of a botched roll-out by Sanofi, which reported selling about $5.5 million in the first nine months of last year." On this news, MannKind stock fell $0.02, or 2.53%, to close at $0.73 on January 6, 2016.
Following 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!mnkd/vfgl0. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in MannKind you have until March 15, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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