SAN DIEGO, March 23, 2021 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA).
Investors, who purchased shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) in November 2015 or earlier and continue to hold NASDAQ: VNDA shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On February 25, 2019, a lawsuit was filed against Vanda Pharmaceuticals Inc. over alleged Securities Laws violations. The plaintiff alleged that the defendants 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.
On July 23, 2019, an amended complaint was filed and on June 9, 2020, the defendants filed their motion to dismiss the case.
On March 10, 2021, the court denied in part the defendant’s motion to dismiss the case.
Those who purchased Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market.