A lawsuit was filed on behalf of investors in MannKind Corporation (NASDAQ:MNKD) shares over alleged securities laws violations. Deadline: March 15, 2016. NASDAQ:MNKD investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/08/2016 -- A shareholder in MannKind Corporation (NASDAQ:MNKD) filed a lawsuit in the U.S. District Court for the Central District of California over alleged Securities Laws violations by MannKind Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of MannKind Corporation (NASDAQ:MNKD) have certain options and for certain investors are short and strict deadlines running. Deadline: March 15, 2016. NASDAQ:MNKD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of MannKind Corporation (NASDAQ:MNKD) common shares between August 10, 2015 and January 5, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 10, 2015 and January 5, 2016 Defendants issued allegedly false and misleading statements to investors and/or allegedly failed to disclose that contrary to Defendants' assurances, the mandated pulmonary testing or spirometry was still a significant issue impeding sales of Afrezza, and 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On January 5, 2016, MannKind announced the termination of its licensing pact with Sanofi-Aventis in the U.S. for the development and sale of its inhaled insulin product Afrezza. On that same day,a news report stated that a Sanofi spokesman said Afrezza continued to suffer from a low level of prescriptions, despite substantial sales efforts. Shares of MannKind Corporation (NASDAQ:MNKD) declined from as high as $10.52 per share in June 2014 to as low as $0.64 per share on January 6, 2016.
Those who purchased shares of MannKind Corporation (NASDAQ:MNKD) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com