Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) Investor Securities Class Action Lawsuit 02/25/2019

If you purchased a significant amount of shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) between November 4, 2015 and February 11, 2019, and / or if you purchased any NASDAQ: VNDA shares prior to November 2015 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 26, 2019. NASDAQ: VNDA investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Vanda Pharmaceuticals
Case Name: 
Vanda Pharmaceuticals Shareholder Class Action Lawsuit 02/25/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: VNDA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/25/2019
Class Period Begin: 
11/04/2015
Class Period End: 
02/11/2019
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
04/26/2019
Summary: 

An investor in shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Vanda Pharmaceuticals Inc. in connection with certain allegedly false and misleading statements made between November 4, 2015 and February 11, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) common shares between November 4, 2015 and February 11, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2015 and February 11, 2019, thedefendants made false and/or misleading statements and/or failed to disclose that Vanda was engaged in a fraudulent scheme in which it promoted the off-label use of Fanapt and Hetlioz, that Vanda was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs, that as a result of the scheme, Vanda faced legal action from the government, that Vanda’s promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration, and that 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.

Washington, DC based Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs and improve the lives of patients. On February 11, 2019, an article was published reporting that a Qui Tam lawsuit filed by a whistleblower was recently unsealed, containing allegations of “illegal off-label promotion of both of Vanda’s drugs, Vanda’s 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.” Shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) declined from $31.30 per share in January 2019 to as low as $17.05 per share on February 11, 2019.