Case Page

 

Case Status:    ONGOING    
On or around 03/26/2018 (Ongoing date of last review)

Filing Date: October 30, 2017

According to the Complaint, Wainwright is an investment bank that provides financial solutions to public and private growth companies across multiple sectors and regions. Wainwright offers a variety of financial services including, but not limited to, investment research, underwriting, and capital raising services.

Among the companies that Wainwright provides investment research on is MannKind. MannKind is a publicly-traded biopharmaceutical company headquartered in Westlake Village, California. MannKind researches, develops and commercializes inhaled therapeutic products for patients with diseases such as diabetes and pulmonary arterial hypertension. Afrezza is MannKind’s first and only FDA-approved product. Afrezza is a rapid-acting, inhaled insulin used to control high blood sugar in adults with type 1 and type 2 diabetes. MannKind is actively traded on the Nasdaq Stock Market (“NASDAQ”) under the ticker symbol “MNKD.” According to MannKind’s most recently filed quarterly report, filed August 7, 2017, MannKind had 104.68 million shares of common stock outstanding as of August 1, 2017.

On October 10, 2017 at 4:03 AM Pacific Time, before the markets opened, Wainwright initiated coverage of the MannKind stock with a “Buy” rating and a $7 per share price target, which represented an increase of more than 30% from the stock’s trading price at the time. At 6:17 AM Pacific Time, Wainwright published a report repeating the $7 per share price target and stating that Wainwright expected MannKind to recapitalize soon.

The Complaint alleges that the foregoing statements were materially misleading for failure to disclose that just 15 hours following Wainwright’s report on MannKind, Mannkind would announce a registered direct offering at a price of $6.00 per share. At the time of Wainwright’s statements, Mannkind’s stock was trading at $5.33 per share.

At 9:02 PM Pacific Time on October 10, 2017, MannKind announced a registered direct offering of an aggregate of 10,166,600 shares of common stock at an offering price of $6.00 per share. According to the announcement, the offering was expected to close on or about October 13, 2017.

On this news, MannKind’s stock price fell to a close of $5.47 per share on October 11, 2011.

The Complaint alleges that as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of MannKind’s securities, Plaintiff and other Class Members have suffered significant losses and damages.

On February 8, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 27.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MNKD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 17-CV-07926
JUDGE: Hon. John A. Kronstadt
DATE FILED: 10/30/2017
CLASS PERIOD START: 10/10/2017
CLASS PERIOD END: 10/10/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P.
    201 St. Charles Ave., 46th Floor, Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P., LA 70170
    ·
  2. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  3. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 17-CV-07926
JUDGE: Hon. John A. Kronstadt
DATE FILED: 02/27/2018
CLASS PERIOD START: 10/10/2017
CLASS PERIOD END: 10/10/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P.
    201 St. Charles Ave., 46th Floor, Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P., LA 70170
    ·
  2. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  3. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date