Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Vanda Pharmaceuticals, Inc.
WAYNE, Pa., June 28, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/vnda) announces that a class action lawsuit has been filed in the United States District Court for the District of Columbia on behalf of purchasers of Vanda Pharmaceuticals, Inc. ("Vanda" or the "Company") (NASDAQ: VNDA) between December 18, 2012 and June 18, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/vnda.
Vanda is a biopharmaceutical company engaged in the development and commercialization of products for the treatment of central nervous system disorders, including tasimelteon -- a treatment for circadian rhythm sleep disorders ("CRSD") and currently in clinical development for a serious, rare CRSD known as "Non-24." The Complaint alleges that during the Class Period the Company issued false and/or misleading statements and/or failed to disclose the following: (1) the Company was forced to unilaterally change the primary endpoint in the middle of the tasimelteon Phase III studies as it was in possession of data suggesting the original primary endpoint would not be met; (2) the Company eliminated nighttime total sleep as the primary endpoint in its studies as there was no discernible difference in efficacy and safety in nighttime total sleep between those patients deemed to have Non-24 and those patients with a normal circadian rhythm; (3) the replacement primary endpoint installed to assess tasimelteon's efficacy and safety was created by the Company based on predicted results and has never been used before in sleep-drug clinical trials, nor was it endorsed by the Food and Drug Administration; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 19, 2013, The Street published an article raising doubts about the quality and efficacy of Vanda's clinical trial procedure and test data. Among other issues, the article noted multiple changes in the primary endpoint over the course of the trials, including a change just one month before study results were published to a new primary endpoint that has allegedly never been used before in sleep-drug clinical trials, nor was it endorsed by the FDA. The article also states that Vanda was forced to cut patient enrollment in the clinical trials in half because an insufficient number of totally blind patients with Non-24 could not be identified, and that ultimately less than 5% of the patients enrolled in the trials suffered from Non-24 according to the "textbook definition" of the disease. On this news, Vanda shares declined $2.41 per share or more than 22%, to close at $8.51 per share on June 19, 2013.
If you are a member of the class, you may, no later than August 24, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/vnda or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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