LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Vanda Pharmaceuticals, Inc. To Contact The Firm
On October 22, 2018, the FDA sent Vanda a Warning Letter which was addressed to Defendant Polymeropoulos.
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Vanda Pharmaceuticals, Inc. ("Vanda" or the
"Company")(NASDAQ:VNDA) of the April 26, 2019 deadline to seek the role
of lead plaintiff in a federal securities class action that has been
filed against the Company.
If you invested in Vanda stock or options between November 4, 2015
and February 11, 2019 and would like to discuss your legal rights, click
here: www.faruqilaw.com/VNDA.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Eastern
District of New York on behalf of all those who purchased Vanda
securities between November 4, 2015 and February 11, 2019 (the "Class
Period"). The case, Gordon v. Vanda Pharmaceuticals Inc. et al.,
No. 19-cv-01108 was filed on February 25, 2019, and has been assigned to
Judge Allyne R. Ross.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by failing 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 Food and Drug Administration.
On October 22, 2018, the FDA sent Vanda a Warning Letter which was
addressed to Defendant Polymeropoulos. The Warning Letter was in
response to the FDA’s review of Vanda’s website which the FDA found
"false and misleading" due to its failure to disclose risks of the
Fanapt and Hetlioz and in violation of the Federal Food, Drug, and
Cosmetic Act.
On this news, Vanda's share price fell from $22.00 per share on October
19, 2018 to a closing price of $20.00 on October 24, 2018: a $2.00 or a
9.09% drop.
On February 11, 2019, Aurelius Value published a report revealing 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.
On this news, Vanda's share price fell from $18.95 per share on February
8, 2019 to a closing price of $18.00 on February 11, 2019: a $0.95 or a
5.01% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. 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. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Vanda's conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
manner.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190409005907/en/