The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of MannKind Corporation ("MannKind" or the "Company") (NASDAQ: MNKD) between June 25, 2010 and January 19, 2011, inclusive (the "Class Period").
The Complaint charges MannKind and certain of its officers and directors violated federal securities laws by issuing materially false statements regarding the Company's business and prospects for 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. Specifically, defendants concealed the following: (i) MannKind failed to disclose that the U.S. Food and Drug Administration ("FDA") had issues with the clinical utility of AFREZZA which might inhibit approval; (ii) AFREZZA was a riskier product than investors were led to believe and would require additional risk disclosure to patients if approved; (iii) the reasons for the FDA's delay in approval of AFREZZA prior to the beginning of the Class Period were not limited to the inspection of the European facility as defendants had stated; and (iv) given these factors, defendants knew it was highly doubtful that FDA approval would be forthcoming.
If you are a member of the class, you may, no later than April 1, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/mannkind/ (http://www.izardnobel.com/mannkind/) , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org (mailto:email@example.com) . For more information about class action cases in general, please visit our website: www.izardnobel.com (http://www.izardnobel.com/) .