VNDA APRIL 26th DEADLINE: Rosen Law Firm Files Securities Class Action Lawsuit Against Vanda Pharmaceuticals Inc.; Encourages Investors With Losses In Excess of $100K to Contact the Firm – VNDA
04/15/2019 | 05:44pm EDT
NEW YORK, April 15, 2019 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) from November 4, 2015 through February 11, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Vanda investors under the federal securities laws.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the complaint, on March 10, 2017 a whistleblower action detailing misconduct at Vanda was filed, but was not unsealed until February 4, 2019. On February 11, 2019, private investment firm Aurelius Value published a report revealing the existence of the whistleblower action. The report also revealed additional details about Vanda’s misconduct, including that it had for years fraudulently promoted its drugs, Fanapt and Hetlioz, and engaged in a scheme to defraud the government.
Accordingly, the complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Vanda was engaged in a fraudulent scheme in which it 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 U.S. Food and Drug Administration; 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as 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. If you wish to join the litigation, go to https://www.rosenlegal.com/cases-register-1504.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.