NEW YORK, Jan. 7, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of MannKind Corp. ("MannKind" or the "Company") (NASDAQ: MNKD). Such investors are advised to contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz at info@bgandg.com or 212-697-6484.
This investigation concerns whether MannKind and certain of its officers and/or directors have violated the Federal Securities Laws under the Securities Exchange Act of 1934 (the "Exchange Act").
On January 5, 2016, MannKind, a biotech company, announced the termination of their licensing agreement with Sanofi SA (NYSE: SNY) in the U.S. for the development and sale of Afrezza, its inhaled insulin treatment designed to treat diabetes. On that same day, Reuters reported that a Sanofi "spokesman says Afrezza decided to end Afrezza deal with MannKind following low level of prescriptions, despite substantial sales efforts." They added that the product never met even modest expectations and they do not project Afrezza reaching even the lowest patient levels that were anticipated at the time of entering the license and collaboration agreement and that costs are projected to remain very high for a significant period of time. Following this news, on January 5, 2016, MannKind shares fell $0.70, or over 48%, to close at $0.75.
On January 6, 2016, the Los Angeles Times stated, "While the warning and tests might have been a turnoff for some potential users, some doctors and analysts suggested Afrezza's struggles also were the result of a botched roll-out by Sanofi, which reported selling about $5.5 million in the first nine months of last year." On this news, MannKind stock fell $0.02, or 2.53%, to close at $0.73 on January 6, 2016.
If you are aware of any facts relating to this investigation, or purchased shares of MannKind Corp., you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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