The Los Angeles Business Journal’s index of the largest local public companies closed down for the week ended June 11 as a rally late in the week failed to offset earlier declines that were triggered by economic news.

The weighted LABJ index closed down 4.9 percent to 114.01, with decliners outpacing gainers 122 to 54.

IPC the Hospitalist Co. Inc. dropped 14 percent to $26.08 after the North Hollywood operator of physician practices in hospitals and care facilities disclosed that the U.S. Justice Department is investigating its past Medicare and Medicaid claims.

Among the gainers was MannKind Corp., which ended the week up 11 percent to $6.50. The Valencia biotech reported a clinical trial that showed its inhaled insulin Afrezza, which is awaiting U.S. regulatory approval, worked as well as injectable insulin as a treatment for Type 1 diabetes.

Abraxis BioScience Inc. ended the week up 9.7 percent to $59.75 after the Los Angeles biotech released positive studies on its cancer drug Abraxane at a major oncology meeting in Chicago.

American Apparel Inc., which has struggled due to production issues, ended the week down 17 percent to $1.35.