Glancy Prongay & Murray LLP (GPM), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
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 $0.95 per share, or over 5%, to close at $18.00 per share on February 11, 2019, 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.
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If you purchased shares of Vanda during the Class Period you may move the Court no later than April 26, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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