LEGAL PROCEEDINGS
−Removed: Following the public announcement of Sanofi’s election to terminate the Sanofi License Agreement and the subsequent decline in our stock price, two motions were submitted to the district court at Tel Aviv, Economic Department for the certification of a class action against MannKind and certain of our officers and directors.
−Removed: In general, the complaints allege that MannKind and certain of our officers and directors violated Israeli and U.S.
−Removed: securities laws by making materially false and misleading statements regarding the prospects for Afrezza, thereby artificially inflating the price of its common stock.
−Removed: The plaintiffs are seeking monetary damages.
−Removed: In November 2016, the district court dismissed one of the actions without prejudice.
−Removed: In the remaining action, the district court ruled in October 2017 that U.S.
−Removed: law will apply to this case.
−Removed: The plaintiff appealed this ruling, and following an oral hearing before the Supreme Court of Israel, decided to withdraw his appeal.
−Removed: Subsequently, in November 2018, we filed a motion to dismiss the certification motion.
−Removed: In September 2019, the plaintiff brought a motion to amend his claim, which the court denied in January 2020.
−Removed: The plaintiff has appealed this denial to the Supreme Court of Israel, which issued a decision in July 2021 upholding the lower court decision.
−Removed: Subsequently, the plaintiff withdrew his complaint and the district court dismissed the motion to certify, bringing the litigation to an end.
We are subject to legal proceedings and claims that arise in the ordinary course of our business.
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