SOURCE: Brower Piven, A Professional Corporation

February 08, 2011 17:31 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in MannKind Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 1, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 8, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of MannKind Corp. ("MannKind" or the "Company") (NASDAQ: MNKD) during the period between June 25, 2010 and January 19, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 1, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that AFREZZA was a riskier product than investors were led to believe and would require additional risk disclosure to patients if approved and that the FDA had concerns relating to the clinical utility of AFREZZA that might have a negative impact on approval of the drug. The complaint alleges that at the same time defendants concealed this information, the Company was continuously hyping AFREZZA for the treatment of adult patients with Type 1 and Type 2 diabetes for the control of hyperglycemia and telling market observers that AFREZZA was one of the most valuable products in the history of drug making. According to the complaint, after, on January 19, 2011, the Company 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 deferring approval of AFREZZA and requested two additional clinical trials with the inhaler, the value of MannKind stock declined significantly.

If you have suffered a net loss for all transactions in MannKind Corp. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact