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Post by bones1026 on Oct 30, 2017 20:50:57 GMT -5
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Post by mnholdem on Oct 30, 2017 21:14:00 GMT -5
Excerpt:
On October 10, 2017, Wainwright, through an announcement publicized by Wainwright analyst, Livnat, initiated coverage of the MannKind stock with a “Buy” rating and a $7 per share price target. At the time of Wainwright’s statements, MannKind’s stock was trading at $5.33 per share. That night, MannKind announced a registered direct offering at an offering price of $6.00 per share. On this news, MannKind’s stock price fell to a close of $5.47 per share on October 11, 2011.
The lawsuit alleges that Defendants’ statements were materially misleading for failure to disclose that just 15 hours following Wainwright’s report on MannKind, MannKind would announce a registered direct offering.
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Post by patten1962 on Oct 30, 2017 22:47:10 GMT -5
Excerpt: On October 10, 2017, Wainwright, through an announcement publicized by Wainwright analyst, Livnat, initiated coverage of the MannKind stock with a “Buy” rating and a $7 per share price target. At the time of Wainwright’s statements, MannKind’s stock was trading at $5.33 per share. That night, MannKind announced a registered direct offering at an offering price of $6.00 per share. On this news, MannKind’s stock price fell to a close of $5.47 per share on October 11, 2011.The lawsuit alleges that Defendants’ statements were materially misleading for failure to disclose that just 15 hours following Wainwright’s report on MannKind, MannKind would announce a registered direct offering.Wondering how this will affect the sp tomorrow?
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Post by xanet on Oct 30, 2017 22:48:03 GMT -5
I don't see this lawsuit going anywhere, although I suppose they may settle and have insurance cover it just to make it go away. It won't have any effect on share price.
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Post by seanismorris on Oct 30, 2017 23:06:30 GMT -5
So an analyst says buy. MannKind dilutes the next day... and MannKind gets sued?
Sounds like bad timing. If anything Wainwright would get sued by the people that followed their advice.
It’s not like MannKind could tell Wainwright beforehand... that would be insider trading.
Since public companies have insurance against things like this, it sounds like someone is out
to make a quick buck with a ‘go away’ settlement.
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Post by seanismorris on Oct 30, 2017 23:08:55 GMT -5
It must be nice to be wealthy enough to throw lawyers at problems.
Personally I’d use a catapult.
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Post by xanet on Oct 30, 2017 23:28:08 GMT -5
So an analyst says buy. MannKind dilutes the next day... and MannKind gets sued? Sounds like bad timing. If anything Wainwright would get sued by the people that followed their advice. It’s not like MannKind could tell Wainwright beforehand... that would be insider trading. Since public companies have insurance against things like this, it sounds like someone is out to make a quick buck with a ‘go away’ settlement. The article just says they are suing Wainwright and the analyst, not Mannkind. I really don't see how this will affect Mannkind in any meaningful way.
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Post by brewguy on Oct 30, 2017 23:34:00 GMT -5
Looks shady IMO. Wonder if Mike (or anyone connected to MNKD) had anything to do with the upgrade? If so, this would be a classic "pump & dump" tactic. Doesn't look good if true.
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Post by Actual Investor on Oct 30, 2017 23:58:56 GMT -5
According to the article, the price of the stock actually went up after the announcement:
"On October 10, 2017, Wainwright, through an announcement publicized by Wainwright analyst, Livnat, initiated coverage of the MannKind stock with a “Buy” rating and a $7 per share price target. At the time of Wainwright’s statements, MannKind’s stock was trading at $5.33 per share. That night, MannKind announced a registered direct offering at an offering price of $6.00 per share. On this news, MannKind’s stock price fell to a close of $5.47 per share on October 11, 2011. "
I'm sure there is some explanation for this but $5.33 appears to be less than $5.47 per share both of which are less than the $6.00 offering price. My son-in-law, the lawyer, Laughed His A$$ Off. He wants to be on Wainright's side. It will be interesting to hear the negative nellies on Stock Twits try to spin this into ruin for Mannkind.
It will probably cause a small drop in the share price tomorrow until the " it's a disaster" stock watchers realize that MNKD has not been sued. It should be over by about 2:30 eastern time. Enjoy the show!
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Post by sweedee79 on Oct 31, 2017 1:48:25 GMT -5
Looks shady IMO. Wonder if Mike (or anyone connected to MNKD) had anything to do with the upgrade? If so, this would be a classic "pump & dump" tactic. Doesn't look good if true. It is shady, but it happens all of the time with these capital management companies... sadly its the norm. I went through something similar to this with another investment in 2015, that time it was Aegis Capital who did the share offering...
IMO the market will completely blow this off and it will be of no consequence to Mannkind ...
We were able to raise capital and get a label change, now everything depends on positive developments that happen as a result of that... this other stuff is just a side show..
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Post by mnholdem on Oct 31, 2017 4:17:40 GMT -5
After reading that the price "fell" from $5.33 to $5.47 I was a bit confused. Is the law firm stating that Wall Street is supposed to jump every time an analyst upgrades a target? This lawsuit seems similar to ambulance chasing lawyers to me.
Besides, 1 year price targets are typically the norm when issued by investment analysts and we have quite a ways to go before determining whether a $7 target price was a good call or not.
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Post by mnkdfann on Oct 31, 2017 8:00:39 GMT -5
According to the article, the price of the stock actually went up after the announcement: "On October 10, 2017, Wainwright, through an announcement publicized by Wainwright analyst, Livnat, initiated coverage of the MannKind stock with a “Buy” rating and a $7 per share price target. At the time of Wainwright’s statements, MannKind’s stock was trading at $5.33 per share. That night, MannKind announced a registered direct offering at an offering price of $6.00 per share. On this news, MannKind’s stock price fell to a close of $5.47 per share on October 11, 2011. " I'm sure there is some explanation for this but $5.33 appears to be less than $5.47 per share both of which are less than the $6.00 offering price. My son-in-law, the lawyer, Laughed His A$$ Off. He wants to be on Wainright's side. It will be interesting to hear the negative nellies on Stock Twits try to spin this into ruin for Mannkind. It will probably cause a small drop in the share price tomorrow until the " it's a disaster" stock watchers realize that MNKD has not been sued. It should be over by about 2:30 eastern time. Enjoy the show! Seems to be a typo in the article / release. On Oct 10, the high / low for MNKD were 6.96 / 5.72. Perhaps they meant $6.33?
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Post by sportsrancho on Oct 31, 2017 8:46:47 GMT -5
MNKD is not in the lawsuit.
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Post by itellthefuture777 on Oct 31, 2017 8:48:35 GMT -5
People should focus in the new clinical trial..much more important
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Post by kball on Oct 31, 2017 9:51:20 GMT -5
Peiple should focus in the new clinical trial..much more important This is Mannkind. We focus on what color shoes executives wear to work
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