Law Offices of Howard G. announces that a class action lawsuit has been filed on behalf of investors who purchased Vanda Pharmaceuticals Inc. (Vanda or the Company) (NASDAQ: VNDA) securities between November 4, 2015 and February 11, 2019, inclusive (the Class Period). Vanda investors have until April 26, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Vanda investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On February 11, 2019, Aurelius Value published an article reporting that a Qui Tam lawsuit filed by a whistleblower was recently unsealed, containing allegations of illegal off-label promotion of both of Vandas drugs, Vandas participation in a fraud involving doctors writing hundreds of ˜fake prescriptions and pocketing cash using Vanda-issued copay cards, falsified documents in internal systems, and resignations of senior executives who refused to participate in illegal activity. On this news, Vandas share price fell, thereby injuring investors.
The Complaint filed in this class action alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) Vanda was engaged in a fraudulent scheme in which it promoted the off-label use of Fanapt and Hetlioz; (2) the company was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs; (3) as a result of the scheme, Vanda faced legal action from the government; (4) Vanda’s promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration; and (5) as a result, defendants’ statements about Vanda’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Vanda, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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