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Post by savzak on May 21, 2015 14:20:53 GMT -5
blog.ctnews.com/financialmines/2015/05/21/mannkind-investors-allege-stock-manipulation/
Mannkind investors allege stock manipulation
Investors who are bullish on Mannkind expressed their frustration Thursday during the company’s annual meeting that executives aren’t doing more to address the significant short positions on the stock and efforts to manipulate the stock price.
One investor went so far as to ask the company why they haven’t filed a complaint with the Securities and Exchange Commission on short investors who have been openly bashing the stock through national media outlets including CNBC.
“I’m not going to name names, but these are people with an agenda who are spreading lies about the company and nobody is challenging them,” said Michael Moss, one of the more vocal investors during Mannkind’s annual shareholder meeting held in Danbury Thursday.”
Moss, who traveled from Florida for the meeting, noted that the company has the fifth largest short position on NASDAQ with more than 103 million shorts as of last week. He added that there are probably about 200 million shares in play in the market after subtracting shares held by company executives.
Matt Pfeffer, the company’s chief financial officer, said company executive are equally frustrated by the attacks against the company, but those who respond to such attacks, he said, are usually fighting a losing battle. “We’ve heard a lot about the short selling but we just don’t have the tools available to us to see if that’s true,” he said. “But we believe it may be true.”
Mannkind received FDA approval in February for Afrezza, an inhalable form of insulin that many believe is a game changer for diabetic treatment. Since then the stock has been on a roller coaster, reaching close to $8 per share after the FDA announcement. On Thursday the stock was trading at around $4.40 per share, a decline of about five percent from Wednesday close.
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Post by kc on May 21, 2015 14:39:18 GMT -5
Glad to see one reporter make a comment on it and kudos to Michael Moss. I hope he is on our board and reads out comments.
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Post by njguy on May 21, 2015 15:04:01 GMT -5
I asked him if he is a pro-boards member because I could not attend the breakfast and didn't know who the proboards members were that were in attendance. He said he reads but doesn't post here.
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Post by kball on May 21, 2015 15:30:45 GMT -5
I asked him if he is a pro-boards member because I could not attend the breakfast and didn't know who the proboards members were that were in attendance. He said he reads but doesn't post here. If i had to guess, they were the angry mob of cats and giraffes somewhere near the front.
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Post by parrerob on May 21, 2015 16:51:54 GMT -5
For sure He is not well informed about price movements after fda ..... that's strange He wrote 8$ instead of 11$.....
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Post by parrerob on May 21, 2015 16:55:05 GMT -5
Ok... clearly He wanted to say "after product available in the market".... In "February".... lol what an error!
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Post by BD on May 21, 2015 19:23:39 GMT -5
I asked him if he is a pro-boards member because I could not attend the breakfast and didn't know who the proboards members were that were in attendance. He said he reads but doesn't post here. If i had to guess, they were the angry mob of cats and giraffes somewhere near the front. LOL, liane and I were sitting near the back of the room. But that allowed us to be in the first tour group
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Post by tchalaa on May 22, 2015 1:12:40 GMT -5
Mannkind investors raise stock manipulation allegations DANBURY -- Investors who are bullish on Mannkind expressed frustration Thursday during the company's annual meeting that executives aren't doing more to address the significant short positions on the stock and efforts to manipulate the stock price. One investor went so far as to ask the company why executives haven't filed a complaint with the Securities and Exchange Commission on short investors who have been openly bashing the stock through national media outlets, including CNBC. "I'm not going to name names, but these are people with an agenda who are spreading lies about the company, and nobody is challenging them," said Michael Moss, one of the more vocal investors during Mannkind's annual shareholder meeting in Danbury on Thursday. Moss, who traveled from Florida for the meeting, noted that the company has the fifth-largest short position on Nasdaq with more than 103 million shorts as of last week. He added that there are probably about 200 million shares in play in the market after subtracting shares held by company executives. Matt Pfeffer, the company's chief financial officer, said company executives are equally frustrated by the attacks against the company, adding that those who respond to such attacks are usually fighting a losing battle. "We've heard a lot about the short selling, but we just don't have the tools available to us to see if that's true," he said. "But we believe it may be true." Mannkind (Nasdaq: MNKD) received FDA approval in February for Afrezza, an inhalable form of insulin that many believe is a game changer for diabetic treatment. Since then, the stock has been on a roller coaster, reaching close to $8 per share after the FDA announcement. On Thursday, the stock closed at $4.63 per share. Seeking promotion Investors also expressed concerns at the meeting that Sanofi, the company's marketing partner for Afrezza, hasn't done enough to publicly extoll the virtues of the drug for the diabetic community. "When is the CEO of Sanofi going to stand up and start promoting Afrezza?" asked Ken Poli, one of the many investors to attend the meeting. "That's the kind of messaging we need to fight these shorts." Many of the investors who attended the meeting, which was held at the company's manufacturing facility on Taylor Avenue, were also suffering from diabetes or who have loved ones with the illness. Anyone who has used the drug, they said, is amazed at the results. Hillard Saveth, a financial adviser from Long Island, said his glucose levels would typically spike to 160 after meals. But after using Afrezza, he said his doctors were amazed to see his levels never surpassed 140. "When I walked in today, I saw the bagels and thought to myself, I'd love to eat one of those," Saveth said. "Instead of having to go to the bathroom to inject myself, I simply used my inhaler. Then I ate a bagel." Gerry Roberts, a shareholder with Type II diabetes, traveled all the way from Ireland for the meeting to personally thank Al Mann, the company founder, for investing millions of dollars to bring the drug to market despite some early setbacks. He also asked when it would seek regulatory approval in Europe for the drug. "I believe I'm a prime candidate for Afrezza and it would improve my life significantly," he said. Pfeffer said Sanofi is currently reviewing what parts of the world it can get a quick introduction into the market. "They are still assessing," he said. "But by July or August, we should have a report of the best opportunities." Other uses Pfeffer also said Mannkind executives are in discussions with other companies about other potential uses of the Technosphere particle that Afrezza uses to deliver the insulin to the lungs. Mike Calorossi, the company's director of manufacturing, said the Techosphere particle can be easily manipulated by the company to serve as a delivery vehicle for other drugs, including pain management and migraine medication. While current migraine medication can take up to an hour before it enters the patient's bloodstream, Calorossi noted, that with a Technosphere delivery, the drug could be in the patient's bloodstream in less than 10 minutes. "There is a lot of potential out there for this particle," he said. The particle, he said, also leaves the patient's system quickly without any known side effects. Pfeffer noted that the company has about 225 employes working at the Danbury facility. Once the plant is at full capacity, the company would need about 4,500 employees, he said. "Hopefully in the coming years, we will be the biggest employer in Danbury," he said. "And based on what our product can do, I think we'll get there." www.newstimes.com/local/article/Mannkind-investors-raise-stock-manipulation-6279751.php#photo-8022339
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Post by compound26 on May 22, 2015 13:19:44 GMT -5
savzak and tchalaa, many thanks for posting the story and the links. Very helpful. I encourage fellow members of this board to visit newstimes.com to read the story. In addition to the story that we quoted here, it also has 19 photos of the Mannkind annual shareholder meeting, which include photos of Al, Hanka, Matt, the individual shareholders named in the story and the production facilities. Therefore, for those who were not able to make to the meeting itself, it appears to be a pretty good report of the meeting. I have edited the story a little bit for easier reading. www.newstimes.com/local/article/Mannkind-investors-raise-stock-manipulation-6279751.phpMannkind investors raise stock manipulation allegations
Dirk Perrefort Published 8:17 pm, Thursday, May 21, 2015 DANBURY -- Investors who are bullish on Mannkind expressed frustration Thursday during the company's annual meeting that executives aren't doing more to address the significant short positions on the stock and efforts to manipulate the stock price. One investor went so far as to ask the company why executives haven't filed a complaint with the Securities and Exchange Commission on short investors who have been openly bashing the stock through national media outlets, including CNBC. "I'm not going to name names, but these are people with an agenda who are spreading lies about the company, and nobody is challenging them," said Michael Moss, one of the more vocal investors during Mannkind's annual shareholder meeting in Danbury on Thursday. Moss, who traveled from Florida for the meeting, noted that the company has the fifth-largest short position on Nasdaq with more than 103 million shorts as of last week. He added that there are probably about 200 million shares in play in the market after subtracting shares held by company executives. Matt Pfeffer, the company's chief financial officer, said company executives are equally frustrated by the attacks against the company, adding that those who respond to such attacks are usually fighting a losing battle. "We've heard a lot about the short selling, but we just don't have the tools available to us to see if that's true," he said. "But we believe it may be true." Mannkind received FDA approval in February for Afrezza, an inhalable form of insulin that many believe is a game changer for diabetic treatment. Since then, the stock has been on a roller coaster, reaching close to $8 per share after the FDA announcement. On Thursday, the stock closed at $4.63 per share. Seeking promotion
Investors also expressed concerns at the meeting that Sanofi, the company's marketing partner for Afrezza, hasn't done enough to publicly extoll the virtues of the drug for the diabetic community. "When is the CEO of Sanofi going to stand up and start promoting Afrezza?" asked Ken Poli, one of the many investors to attend the meeting. "That's the kind of messaging we need to fight these shorts." Many of the investors who attended the meeting, which was held at the company's manufacturing facility on Taylor Avenue, were also suffering from diabetes or who have loved ones with the illness. Anyone who has used the drug, they said, is amazed at the results. Hillard Saveth, a financial adviser from Long Island, said his glucose levels would typically spike to 160 after meals. But after using Afrezza, he said his doctors were amazed to see his levels never surpassed 140. "When I walked in today, I saw the bagels and thought to myself, I'd love to eat one of those," Saveth said. "Instead of having to go to the bathroom to inject myself, I simply used my inhaler. Then I ate a bagel." Gerry Roberts, a shareholder with Type II diabetes, traveled all the way from Ireland for the meeting to personally thank Al Mann, the company founder, for investing millions of dollars to bring the drug to market despite some early setbacks. He also asked when it would seek regulatory approval in Europe for the drug. " I believe I'm a prime candidate for Afrezza and it would improve my life significantly," he said. Pfeffer said Sanofi is currently reviewing what parts of the world it can get a quick introduction into the market. "They are still assessing," he said. " But by July or August, we should have a report of the best opportunities." Other uses Pfeffer also said Mannkind executives are in discussions with other companies about other potential uses of the Technosphere particle that Afrezza uses to deliver the insulin to the lungs. Mike Calorossi, the company's director of manufacturing, said the Techosphere particle can be easily manipulated by the company to serve as a delivery vehicle for other drugs, including pain management and migraine medication. While current migraine medication can take up to an hour before it enters the patient's bloodstream, Calorossi noted, that with a Technosphere delivery, the drug could be in the patient's bloodstream in less than 10 minutes. "There is a lot of potential out there for this particle," he said. The particle, he said, also leaves the patient's system quickly without any known side effects. Pfeffer noted that the company has about 225 employes working at the Danbury facility. Once the plant is at full capacity, the company would need about 4,500 employees, he said. "Hopefully in the coming years, we will be the biggest employer in Danbury," he said. "And based on what our product can do, I think we'll get there." dperrefort@newstimes.com; 203-731-3358; www.twitter.com/DirkPerrefort
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Post by kc on May 22, 2015 13:38:33 GMT -5
I would encourage you if you have the time to write to Dirk and thank him for his picking up on the shareholder's comments on stock manipulation. If you have some specific examples to share with him. We have his attention and perhaps he might do a follow up piece on Jason Karp or Martin S. or on the FUD writers.
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Post by Deleted on May 22, 2015 13:41:36 GMT -5
Is he quoted accurately? "Pfeffer noted that the company has about 225 employes working at the Danbury facility. Once the plant is at full capacity, the company would need about 4,500 employees, he said."
What on earth?
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Post by bradleysbest on May 22, 2015 13:46:05 GMT -5
Sure sounds like 4500 is a lot.
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Post by liane on May 22, 2015 13:46:52 GMT -5
Honestly, I thought I heard 4500. But now that I've seen numerous people question this, maybe he said 4 to 500 employees. Might be worth a confirmation from Matt.
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Post by compound26 on May 22, 2015 13:50:31 GMT -5
Is he quoted accurately? "Pfeffer noted that the company has about 225 employes working at the Danbury facility. Once the plant is at full capacity, the company would need about 4,500 employees, he said." What on earth? I had the same feeling. So I highlighted the numbers for consideration by you guys. For your consideration, if we have to add 4,200 people, at $100,000 per person per year, that will come to $420 million, at $75,000 per person, that will come to $315 million. So hopefully that was a misquote (or typo) and 4,500 employees was really meant to be 450 employees. For your consideration, if we have to add 225 people, at $100,000 per person per year, that will come to $22.5 million, at $75,000 per person, that will come to $16.875 million. Can someone who were at the meeting clarify on this point?
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Post by jpg on May 22, 2015 13:52:57 GMT -5
4500 workers seems like a huge amount of people. 4-500 seems much more reasonable. To be the biggest employer in Danbury 4-500 wouldn't cut it though: www.hvceo.org/tables/table_l1.pdf4500 certainly would but I don't know what they would all do?
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