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49 Days Left - Kahn Swick & Foti, LLC and Former Louisiana Attorney General Remind Investors With Large Financial Interests (Ov

^{Published on 2011-02-11 20:21:05 - Market Wire}
 

NEW ORLEANS--([ BUSINESS WIRE ])--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that only 49 days remain to file lead plaintiff applications in a securities fraud class action lawsuitagainst MannKind Corporation ("MannKind" or the "Company") (NYSE:MNKD). The lawsuit was filed in the United States District Court for the Central District of California on behalf of the purchasers of the securities of MannKind between June 25, 2010 through and including January 19, 2011, inclusive (the aClass Perioda). The lawsuit alleges violations of the Securities Exchange Act of 1934.

What You May Do

If you are a MannKind shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ([ lewis.kahn@ksfcounsel.com ]), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ([ neil.rothstein@ksfcounsel.com ]), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 1, 2011. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of MannKind to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding MannKinda™s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

About the Lawsuit

The complaint alleges that throughout the Class Period, MannKind issued materially false and misleading statements about its diabetes drug AFREZZA, telling shareholders that the drug was one of the most valuable products in the history of drug making. However, 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 its 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.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation,2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation,3:07-CV-05101-SBA (C.D. Cal.),Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation,2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP plc, AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.

To learn more about KSF, you may visit[ www.ksfcounsel.com ].