Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

$16M Settlement Proposed in Mannkind Securities Class Action Lawsuit


This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: To all persons who purchased publicly traded shares of Mannkind Corporation common stock between May 4, 2010 and February 11, 2011, inclusive, and incurred damages (The "Class"), you are hereby notified of a preliminary settlement in re MANNKIND CORP. securities litigation. The following statement relates to all actions, Case No. 11-cv-00929-GAF.

A settlement, in the amount of Sixteen Million Dollars ($16,000,000.00) in cash and 2,777,778 shares of MannKind Corporation ("MannKind") common stock, has been proposed in the above-captioned class action. If the closing price of MannKind common stock as reported on the NASDAQ is below $1.00 per share on the Final Judgment Date, then an additional one million (1,000,000) shares of MannKind common stock will be added to the Settlement Fund. A hearing will be held before the Honorable Gary A. Feess in the United States District Court for the Central District of California in Courtroom 740, 255 E. Temple St., Los Angeles, CA 90012 at 9:30 a.m. on December 17, 2012, to determine: (i) whether the Settlement and Plan of Allocation should be approved by the Court as fair, reasonable, adequate, and in the best interests of the Class; (ii) whether Co-Lead Counsel's application for an award of attorneys' fees (of not more than 25%) and reimbursement of expenses (of not more than $200,000) should be approved; (iii) whether the Court should grant Lead Plaintiff's reimbursement of up to $32,400 for his reasonable costs and expenses (including lost wages) directly related to his representation of the Class; and (iv) whether the Court should approve the release of Released Claims and the Released Defendants' Claims against any and all Released Persons and dismiss the Action with prejudice.

If you are a member of the Class described above, your rights will be affected and you may be entitled to share in the settlement fund. If you have not yet received the full printed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Reimbursement of Expenses, and Settlement Fairness Hearing (the "Mailed Notice") and Proof of Claim and Release form you may obtain copies of these documents by downloading them from gcginc.com, or by contacting: MannKind Corporation Securities Litigation c/o GCG P.O. Box 9933 Dublin, OH 43017-5833 (888) 892-2969.

To participate in the Settlement, you must submit a Proof of Claim and Release no later than January 4, 2013. As more fully described in the Mailed Notice, the deadline for submitting objections to the Settlement is November 26, 2012 and the deadline for requesting exclusion from the Class is November 19, 2012.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Sep-24-12


ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.
Request Legal Help Now! - Free