NEW YORK, Feb. 12, 2016
NEW YORK, Feb. 12, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of MannKind Corporation ("Mannkind" or the "Company") (NASDAQ: MNKD), concerning whether the board has breached its fiduciary duties to shareholders.
On January 5, 2016, MannKind disclosed the termination of its license and collaboration agreement with Sanofi-Aventis U.S. LLC ("Sanofi") for the inhaled insulin product, Afrezza. The same day, Bloomberg quoted Sanofi's spokesman, Jack Cox, as saying that Sanofi terminated the agreement due to low level of prescriptions. StreetInsider reported that Mr. Cox said that prescription levels of Afrezza never even met "modest expectations."
On this news, Mannkind stock fell nearly 50% to close at $0.75 per share on January 5, 2015.
On January 27, 2016, Los Angeles Times published an article entitled "Struggling drugmaker MannKind looking for a buyer," reporting, inter alia, that Lloyd Greif, chief executive of downtown L.A. investment bank Greif & Co., said "all the activity… suggests [MannKind] is scrambling to stay afloat — and that it is likely considering any option, including a sale, that would stave off bankruptcy."
Our investigation concerns whether the board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own MannKind shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Tanya Korkhov, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP