SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

February 02, 2011 11:35 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased the Common Stock of MannKind Corporation Between 6/25/10 and 1/19/11; Announces Upcoming Investor Deadline (MNKD)

DENVER, CO--(Marketwire - February 2, 2011) - Dyer & Berens LLP ( today announced that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of investors who purchased MannKind Corporation ("MannKind" or the "Company") (NASDAQ: MNKD) common stock between June 25, 2010 and January 19, 2011, inclusive (the "Class Period"). 

What actions may I take at this time? If you purchased during the Class Period and wish to serve as a lead plaintiff, you must request appointment by court no later than April 1, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362 x302, (303) 861-1764, or via email at Any member of the putative class may request a lead plaintiff appointment through counsel of its choice, or may choose to do nothing and remain an absent class member. 

What are the allegations in the complaint? 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. Specifically, 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.

Based upon the foregoing, the complaint charges MannKind and certain of its officers and directors with violations of the federal securities laws. Plaintiff seeks to recover damages on behalf of MannKind investors who purchased during the Class Period.

About Dyer & Berens, LLP. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302 or (303) 861-1764
    Email: Email Contact