Welcome to the In re MannKind Corp. Securities Litigation Website
The In re Mannkind Corp. Securities Litigation class action has been litigated since January 2011. In this lawsuit, Plaintiffs are represented by Co-Lead Counsel appointed by the Court, Glancy, Binkow & Goldberg LLP and Pomerantz Grossman Hufford Dahlstrom & Gross LLP. Plaintiffs alleged that MannKind's stock price was artificially inflated as a result of a series of untrue or materially misleading statements related to MannKind's communications with the FDA about its application and testing for AFREZZA, an inhaled insulin combination drug product. Plaintiffs further contend that Defendants made these statements knowing them to be materially false or misleading, or recklessly disregarding their materially false or misleading nature, and that investors suffered injury as a result of the alleged stock price inflation. Defendants deny all wrongdoing. Nonetheless, both parties have concluded that further conduct of the Action could be protracted and expensive, and that it was desirable that the Action be fully and finally settled in the manner and upon the terms and conditions agreed to in the settlement agreement.
After considering Lead Plaintiff's motion for preliminary approval and the settlement agreement executed by Lead Plaintiff and Defendants, on September 12, 2012, The Honorable Gary Allen Feess, District Court Judge for the United States District Court for the Central District of California, granted a preliminary approval of the Settlement and certified a Settlement Class. The Court has scheduled a final approval hearing to assess the fairness and adequacy of the proposed Settlement for December 17, 2012 at 9:30 a.m PST at the United States District Courthouse Central District of California, 255 E. Temple St., Courtroom 740, Los Angeles CA 90012.
The Settlement calls for a Settlement Fund to be established of $16,000,000.00 (sixteen million) in cash and 2,777,778 shares of MannKind common stock. If the consolidated closing bid price for MannKind common stock as reported by The NASDAQ Global Market (the "Closing Price") is below $1.00 per share on the Final Judgment Date, the Settlement Fund will include an additional 1,000,000 (one million) shares of MannKind common stock. Your recovery will depend on the number of shares of MannKind common stock you, and other Class Members who file claims, purchased and sold and the prices at which you, and the other Class Members who file claims, purchased and sold those shares.
In order to be deemed a class member you needed to have purchased publicly traded shares of MannKind common stock between May 4, 2010, and February 11, 2011, inclusive.
Please be sure to review the Notice to fully understand your rights.
- The Exclusion Filing Deadline was November 19, 2012.
- The Objection Filing Deadline was November 26, 2012.
- The Court's Settlement Hearing was held on December 17, 2012 at 9:30 a.m.
- The Claim Filing Deadline was January 4, 2013.