|MannKind Securities Class Action Settlement|
- Wednesday, 26 September 2012 17:15
MannKind Securities Class Action Settlement
By Kimberly Mirando
Shareholders of MannKind Corporation common stock (stock symbol: MNKD) have been awarded a $16 million class action lawsuit settlement. If you purchased MannKind stock between May 4, 2010 and February 11, 2011 and incurred damages, you could receive payment from the MannKind securities class action settlement.
The MannKind settlement will resolve a class action securities fraud lawsuit, entitled In Re: MannKind Corp. Securities Litigation, that alleges 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 approval of its testing protocol for AFREZZA, an inhaled insulin combination drug product. The class action lawsuit further alleges that MannKind made these statements knowing that they were false or misleading, and that investors suffered injury as a result of the alleged inflation.
MannKind denies any wrongdoing, but has agreed to establish a fund of $16 million and 2,777,778 shares of MannKind common stock to pay out investors and resolve the securities litigation.
Class Members of the MannKind stock class action settlement include all persons or entities that purchased publicly traded shares of MannKind common stock between May 4, 2010 and February 11, 2011, inclusive.
Your share of the MannKind class action lawsuit settlement will depend on the number of valid claim forms Settlement Class Members submit, the number of shares of MannKind stock you purchased during the Class Period, and the timing of your purchases and sales. You can calculate an estimate of the amount of money you can receive from the MannKind securities settlement by using the formula included in the Class Action Settlement Notice.
The only way to receive money or shares from the MannKind securities litigation settlement is to submit a valid Claim Form and supporting documents to the Settlement Administrator postmarked no later than January 4, 2013.
A Final Fairness Hearing is set for December 17, 2012.
Claim Forms and more information on your rights in the MannKind Securities Class Action Lawsuit Settlement can be found at www.gcginc.com/cases/mannkind.
Were you a victim of stock fraud, securities fraud or investment fraud? You may have a case to file class action lawsuit against the parties responsible. Visit the Securities Fraud, Stock Fraud Investment Class Action Lawsuit Investigation for details.
Updated September 26th, 2012
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Last Updated on Thursday, 27 December 2012 11:09