SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in MannKind Corp. to Contact the Firm Before Lead Plaintiff Deadline
/EINPresswire.com/ -- NEW YORK, NY--(Marketwired - February 11, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MannKind Corp. ("MannKind" or the "Company") (NASDAQ: MNKD) of the March 15, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased MannKind securities between August 10, 2015 and January 5, 2016 (the "Class Period"). The case, Eric Ardolino v. MannKind Corporation et al, No. 2:16-cv-00348 was filed on January 15, 2016, and has been assigned to Judge R. Gary Klausner.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to properly represent the market demand and profitably sales of its flagship insulin inhalant, Afrezza.
Specifically, on January 5, 2016, MannKind announced 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 a low level of prescriptions despite Sanofi's best efforts.
After the announcement, MannKind's share price fell from $1.45 per share on January 4, 2016 to a closing price of $0.75 on January 5, 2016 -- a $0.70 or a 48.3% drop.
Then, on January 6, 2016, the LA Times published an article claiming that endocrinologists were not prescribing Afrezza because they were relatively unfamiliar on how to carry out subsequent FDA-mandated lung testing on Afrezza-prescribed patients.
On this news, MannKind's share price fell from $0.75 per share on January 5, 2016 to a closing price of $0.73 on January 6, 2016 -- a 2.7% drop.
Request more information now by clicking here: www.faruqilaw.com/MNKD. There is no cost or obligation to you.
Take Action
If you invested in MannKind securities between August 10, 2015 and January 5, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/MNKD. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding MannKind's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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