MannKind Corporation

Lead Plaintiff Deadline: 04/01/11

Date filed:

Class period:

Court:

NASDAQ:

(NASDAQ: MNKD)

Date Filed: January 31, 2011

Class Period: June 25, 2010 – January 19, 2011

Court: Central District of California

On January 31, 2011, a securities class action complaint was filed in the United States District Court for the Central District of California against MannKind Corporation (“MannKind” or the “Company”) and certain of its executive officers, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, during the alleged class period of June 25, 2010 through January 19, 2011.

MannKind, based in Valencia, California, is a biopharmaceutical company focused on the discovery, development, and commercialization of therapeutic products for diseases, such as diabetes and cancer, including its lead product candidate, AFREZZA®, an inhaled insulin treatment for adult patients with Type 1 and Type 2 diabetes.  On January 19, 2011, shortly before the market closed, MannKind issued a press release announcing that the Company had received a complete response letter from the U.S. Food and Drug Administration (“FDA”) pertaining to the company’s New Drug Application for AFREZZA.  The FDA deferred approving AFREZZA and requested two additional clinical trials with the inhaler.

As alleged in the complaint, defendants failed to disclose material adverse facts about the Company’s true financial condition, business, and prospects throughout the class period, including that: (i) the FDA had concerns over the clinical utility of AFREZZA, which might inhibit approval; (ii) AFREZZA had a greater risk profile than investors were led to believe, and would require additional risk disclosure to patients if approved; (iii) the FDA’s earlier decision to delay approval of AFREZZA prior to the start of the class period was not limited to its unfinished inspection of MannKind’s European facility, which makes the insulin used in AFREZZA, as defendants had stated; and (iv) given these factors, defendants knew it was highly doubtful that FDA approval for AFREZZA would be forthcoming.

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