Lawsuit Overview
August 23, 2016 - The court grants defendants' motion to dismiss.
June 29, 2016 - A motion to dismiss the amended complaint was filed.
June 15, 2016 - An amended complaint was filed.
January 15, 2016 - An investor in shares of MannKind Corporation (NASDAQ: MNKD) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by MannKind Corporation in connection with certain allegedly false and misleading statements made between August 10, 2015 and January 5, 2016. 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 Corporation’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 Corporation 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 $0.70 per share on January 5, 2016.