LAW SUIT FILED -- SEEKS RECOVERY OF DAMAGES FOR SHAREHOLDERS
LAW SUIT FILED AGAINST VANDA PHARMACEUTICALS SEEKS REMUNERATION FOR SHAREHOLDERS
NEW YORK, June 26, 2013 – Tripp Levy PLLC, a securities class action law firm, announces that a class action lawsuit has been filed against Vanda Pharmaceuticals, Inc. ("Vanda" or the "Company") (VNDA) and certain of its officers. The lawsuit, filed in United States District Court, District of Columbia, is on behalf of all persons or entities who purchased or otherwise acquired securities of Vanda between December 18, 2012 and June 18, 2013 (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the results of the clinical trial for tasimelteon. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was forced to unilaterally change the primary endpoint in the middle of the Phase III studies as it was already in possession of data suggesting that the original primary endpoint was not going to be met; (2) the Company eliminated nighttime total sleep as the primary endpoint in its studies as there was no discernible difference in efficacy and safety in nighttime total sleep between those patients deemed to have Non-24 and those patients with a normal circadian rhythm; (3) the replacement primary endpoint installed to assess tasimelteon's efficacy and safety was created post facto by the Company and has never been used before in sleep-drug clinical trials, nor was it endorsed by the FDA; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.