NEW YORK, Feb. 7, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against MannKind Corporation ("MannKind" or the "Company") (NYSE:MNKD) and certain of its officers. The class action (Civil Action No.: 11-0114) pending in the United States District Court for the Central District of California is on behalf of a class of all persons or entities who purchased or otherwise acquired MNKD securities during the period from June 25, 2010 through and including January 19, 2011 (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased MNKD securities during the Class Period and would like to serve as lead plaintiff for the class, you have until April 1, 2011 to ask the Court to appoint you. A copy of the complaint can be obtained at . To discuss this action, contact Rachelle R. Boyle at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
MannKind is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer, including its lead product candidate, AFREZZA® (insulin human [rDNA origin]) Inhalation Powder ("AFREZZA") for the treatment of adult patients with Type 1 and Type 2 diabetes. The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects for AFREZZA. The defendants continuously hyped AFREZZA for the treatment of adult patients with Type 1 and Type 2 diabetes for the control of hyperglycemia, telling market observers that AFREZZA was one of the most valuable products in the history of drug making, while failing to disclose that MannKind's platform would require better information for patients about the risks of AFREZZA. As a result of defendants' false and misleading statements, MannKind's stock traded at artificially inflated prices during the Class Period.
Then, on January 19, 2011, shortly 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 with the inhaler.
Prior to this news being released on January 19, 2011, 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 held off informing shareholders. Trading was halted in MannKind stock on January 19, 2011, and when trading resumed the next day, MannKind's stock plunged $2.94 per share.
The Pomerantz Firm
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) firstname.lastname@example.org