HENDERSONVILLE, TN / ACCESSWIRE / October 15, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of Vanda Pharmaceuticals Inc. (VNDA) filed a derivative complaint against the company's officers and directors for breaches of fiduciary duties, unjust enrichment, and waste of corporate assets beginning in November 2015. Vanda Pharmaceuticals Inc. is a biopharmaceutical company that focuses on the development and commercialization of products for the treatment of central nervous system disorders.
Vanda Pharmaceuticals Used its Drugs for Off-Label Purposes
According to the complaint, since November 2015, Vanda and its officers have breached theirfiduciary duties by failing to disclose to investors that Vanda was involved in a fraudulent scheme that included violations of federal Medicare, Medicaid, and Tricare programs and that Vanda's promotional materials were false and misleading, garnering scrutiny from the FDA. Specifically, Vanda schemed to promote its drugs Fanapt and Hetlioz for "off-label" uses in addition to other prohibited promotional strategies. The complaint alleges that Vanda's executives and officers knew about the prohibited promotional strategies and actively participated in the fraudulent activity. As a result, Vanda is facing significant liability from a Qui Tam lawsuit and has already incurred substantial expenses in its investigation. Vanda has also been named as a defendant in a Securities Class Action lawsuit, causing further damage to the company.
RCI Shareghoders Urged to Contact the Firm
If you purchased securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM and maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
SOURCE: The Law Offices of Timothy L. Miles
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