MannKind Corporation is a biopharmaceutical company focusing on the discovery, development, and commercialization of therapeutic products for diseases such as diabetes and pulmonary arterial hypertension.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) contrary to Defendants’ assurances, the mandated pulmonary testing or spirometry was still a significant issue impeding sales of Afrezza; and (2) as a result, Defendants’ statements about MannKind’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On May 12, 2016, the Court issued an Order appointing lead Plaintiffs. On May 17, the Court also approved lead counsel. Lead Plaintiffs filed an amended complaint on June 15.

On August 23, 2016, the Court issued an Order granting Defendants' motion to dismiss without leave to amend. Plaintiffs filed a Notice of Appeal of this Order on October 11. Plaintiffs voluntarily dismissed their Appeal on March 9, 2017.