-
You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of January 4, 2013 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
September 12, 2012 - The court preliminary approved the settlement.
August 6, 2012 - A stipulation of settlement was filed by the parties.
December 16, 2011 - The court denied the defendants' motion to dismiss.
August 12, 2011 - A motion to dismiss the corrected amended consolidated complaint was filed.
June 28, 2011 - A corrected amended consolidated complaint was filed.
June 27, 2011 - An amended consolidated complaint was filed..
February 1, 2011 - An investor in MannKind Corporation (NASDAQ: MNKD) shares filed a lawsuit in the U.S. District Court for the Central District of California against MannKind Corporation over alleged Federal Securities Laws. According to the complaint, the plaintiff alleges on behalf of purchasers of MannKind Corporation common stock between June 25, 2010 and January 19, 2011, that MannKind Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding its business and prospects for AFREZZA. MannKind Corporation reported over the four past years a Net Loss of $230.55 million in 2006, $292.19 million in 2007, $303.04 million in 2008, and $220.10 million in 2009.
During the first three quarters in 2010 MannKind Corporation reported a combined nine month Total Net Loss of $120.50 million. Shares of MannKind Corporation traded during 2006 as high as $21.25 per share. During 2007 MNKD shares fell to $8 at the end of 2007 and dropped in 2008 to almost $2 per share. During 2009 MNKD shares were able to regain value and traded in Fall 2009 at over $10 per share. During the first months in 2010 MNKD shares were able to hold the Fall 2009 price level. But in March MNKD shares fell from $10 to under $7 in response to the receival of a letter from the FDA regarding the New Drug Application for AFREZZA(TM) Inhalation Powder for the treatment of adult patients with type 1 and type 2 diabetes for the control of hyperglycemia.
The U.S. Food and Drug Administration was set to rule on the biotech MannKind Corporation's diabetes treatment by December 29, but on December 28, MannKind Corporation announced that it was informed on December 27, 2010 by the FDA that the agency will not be able to complete the review of the New Drug Application for AFREZZA(R) (insulin human [rDNA origin]) Inhalation Powder by the action date of December 29, 2010. On January 19, 2011 MannKind Corporation (NASDAQ: MNKD) announced that it has received a complete response letter from the FDA regarding the New Drug Application for AFREZZA(R) (insulin human [rDNA origin]) Inhalation Powder for the treatment of adult patients with type 1 and type 2 diabetes for the control of hyperglycemia. MannKind Corporation said that a complete response letter is issued by the FDA's Center for Drug Evaluation and Research when the review of a file is completed but questions remain that preclude the approval of the New Drug Application in its current form. Shares of MannKind Corporation, which traded on January 18, 2011 as high as almost $10 fell within 10 days to $5.05 per share on January 28, 2011.