NEW YORK, April 04, 2019 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Vanda Pharmaceuticals Inc. ("Vanda" or the "Company") (VNDA) between November 4, 2015 and February 11, 2019, both dates inclusive (the "Class Period").
If you purchased or acquired Vanda securities during the Class Period and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com.
If you wish to serve as a 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. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Vanda was engaged in a fraudulent scheme in which the Company 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 FDA; 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.
On February 11, 2019, Aurelius Value published a report entitled, "Vanda: In the Land of The Blind, The One-Eyed Man in King." This report revealed a previous unreported qui tam lawsuit which disclosed Vanda's years of fraudulent promotion of Fanapt and Hetlioz as well as Vanda's scheme to defraud the government with fraudulent reimbursements.
Following this news, shares of Vanda fell $0.95 per share or over 5% to close at $18.00 per share on February 11, 2019.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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