NEW YORK, Jan. 22, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all shareholders who purchased shares of MannKind Corporation ("MannKind" or the "Company") (NASDAQ: MNKD ) between August 10, 2015 and January 5, 2016, inclusive (the “Class Period”).
Shareholders who incurred losses on shares on purchased within the Class Period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased the shares of MannKind Corporation during the period August 10, 2015 and January 5, 2016, inclusive, you may, no later than March 15, 2016 , request that the Court appoint you lead plaintiff of the proposed class.
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 Sanofi terminated the agreement with MannKind 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, 2016.
Then, on January 6, 2016, 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, 2016. Since reaching a class period high of $4.31 per share on August 12, 2015, the market capitalization of MannKind has declined over $1.5 billion.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “MannKind Investigation.”
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
