Investors Slam MannKind After FDA Balks On Afrezza

Law360, New York (February 3, 2011, 1:52 PM EST) -- Shareholders of pharmaceutical company MannKind Corp. have filed a class action accusing the firm of misleading investors about its diabetes drug Afrezza, which failed to win approval from federal regulators in January.

The lawsuit was filed Monday in the U.S. District Court for the Central District of California. It alleged the company's previous statements inflated the value of its stock, which dropped precipitously after the U.S. Food and Drug Administration deferred approving Afrezza.

The suit was filed on behalf of investors who purchased common stock in...
To view the full article, register now.