LOS ANGELES, Feb. 17, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of MannKind Corporation ("MannKind" or the "Company") (Nasdaq:MNKD) between June 25, 2010 and January 19, 2011, inclusive (the "Class Period"), have 43 days until the April 1, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Alessi v. MannKind Corporation,et al., No. 11-cv-01147-PA, has been assigned to the Honorable Percy Anderson, United States District Judge for the Central District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at .
The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. MannKind is a biopharmaceutical company that focuses on the discovery, development and commercialization of therapeutic products for diabetes and cancer. The Complaint alleges that during the Class Period the Company and certain of its executive officers violated federal securities laws by issuing material misrepresentations to the market concerning the Company's business, operations and prospects, thereby artificially inflating the price of MannKind securities. Specifically, the Complaint alleges that defendants misrepresented the prospects for U.S. Food and Drug Administration approval for the Company's lead product candidate, AFREZZA®, a rapid-acting insulin for the treatment of diabetes that has completed clinical trials in the United States, Europe and Japan.
On January 19, 2011, before the market closed, MannKind issued a press release announcing that the Company had received a complete response letter from the FDA pertaining to the Company's New Drug Application for AFREZZA. The FDA deferred approving AFREZZA and requested two additional clinical trials. Prior to this news, MannKind's stock began dropping as news of the FDA deferral leaked into the market. The complaint alleges that, in fact, the FDA notice had been received on January 18, 2011, and defendants had delayed informing shareholders. Trading was halted in MannKind stock on January 19, 2011, and when trading resumed the next day the Company's stock plunged $2.94 per share.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing MannKind securities between June 25, 2010 and January 19, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the April 1, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing MannKind shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at .
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA Lionel Z. Glancy (310) 201-9150 or (888) 773-9224 Michael Goldberg shareholders@glancylaw.com www.glancylaw.com