MannKind Corp. is a California-based biopharmaceutical company that, according to Yahoo! Finance, focuses on the discovery, development, and commercialization of therapeutic products for diabetes. MNKD’s “lead product” is AFREZZA, an inhalation powder insulin product designed to control high blood sugar in adults with type 1 and type 2 diabetes. Founded in 1991, MannKind Corp. is headquartered in Valencia, California. Matthew Pfeffer is Chief Executive Officer and Chief Financial Officer; Juergen Martens is Chief Operating Officer; David Thomson is Vice President, General Counsel, and Corporate Secretary; Rose Alinaya is Principal Accounting Officer.
In February 2016, MannKind Corp. announced that Alfred Mann, its founder and Chief Executive Officer, resigned from his position and the company’s board. According to the Los Angeles Times, “the move comes as the company has been fending off reports that it is up for sale following the loss of its key partner, pharmaceutical giant Sanofi. The French company announced in January it would stop marketing and distributing MannKind’s only approved drug – Afrezza, an insulin powder that is inhaled but has been a slow seller.”
Alfred Mann will reportedly continue to advise the company, but Kent Kresa was named its new Chairman.
In 2012 MannKind Corp. reached a settlement in a class action lawsuit alleging that MNKD’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.” The lawsuit settled for $16,000,000.
If you have suffered losses while investing in MannKind Corp. (MNKD), you may be eligible to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you collect money. The law establishes a limited window to file claims, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.