NEW YORK, March 26, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) from November 4, 2015 through February 11, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Vanda investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than April 26, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, http://zhanginvestorlaw.com/join-action-form/?slug=vanda-pharmaceuticals-inc&id=1774 or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email info@zhanginvestorlaw.com, slee@zhanginvestorlaw.com for information on the class action.
According to the complaint, on March 10, 2017 a whistleblower action detailing misconduct at Vanda was filed, but was not unsealed until February 4, 2019. On February 11, 2019, private investment firm Aurelius Value published a report revealing the existence of the whistleblower action. The report also revealed additional details about Vanda’s misconduct, including that it had for years fraudulently promoted its drugs, Fanapt and Hetlioz, and engaged in a scheme to defraud the government. The complaint alleges that defendants made false and/or 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) Vanda 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class has not been certified. You may retain counsel of your choice. You may take no action at this time and be an absent class member. Your ability to obtain a recovery is not dependent upon being a lead plaintiff. Attorney Advertising. Prior results do not guarantee similar outcomes.
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