STEVENSON, Md., Feb. 28, 2019 (GLOBE NEWSWIRE) -- CLASS ACTION ALERT: Brower Piven Notifies Investors of Class Action Lawsuit And Encourages Those Who Have Significant Losses From Investment In Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) To Contact Brower Piven Before The Lead Plaintiff Deadline
STEVENSON, MD - The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) (“Vanda” or the “Company”) securities during the period between November 4, 2015 to February 11, 2019, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 26, 2019 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Vanda securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Vanda was engaged in a fraudulent scheme in which the Company promoted the off-label use of its two drugs, Fanapt and Hetlioz, that Vanda was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs, and that Vanda’s promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration (“FDA”).
According to the complaint, following an October 22, 2018 Warning Letter from the FDA, and a February 11, 2019 report announcing 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, the value of Vanda shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Vanda securities purchased on or after November 4, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.