NEW YORK, Feb. 27, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Vanda Pharmaceuticals Inc. ("Vanda" or the "Company") (NASDAQ: VNDA) between November 4, 2015 and February 11, 2019, both dates inclusive (the "Class Period"). The lawsuit seeks to recover Vanda shareholders' investment losses.
If you purchased Vanda securities, and/or would like to discuss your legal rights and options, please visit Vanda Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed 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 FDA; 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
On February 11, 2019, Aurelius Value published a report entitled, "Vanda: In the Land of The Blind, The One-Eyed Man in King." This report revealed 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, shares of Vanda fell $0.95 per share or over 5% to close at $18.00 per share on February 11, 2019, damaging investors.
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. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Vanda securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/vanda-pharmaceuticals-inc-vnda-lawsuit-class-action-fraud-stock-111/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP