SAN DIEGO, March 7, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP reminds investors that a class action lawsuit has been filed against Vanda Pharmaceuticals Inc. ("Vanda") (NASDAQ: VNDA) on behalf of all purchasers of common stock during the period between November 4, 2015 through February 11, 2019, inclusive (the "Class Period").
If you wish to serve as a lead plaintiff, you must move the Court no later than April 26, 2019. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
Additionally, you can [click here to join this action]. There is no cost or obligation to you.
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.
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.
Plaintiff seeks to recover damages on behalf of all purchasers of Vanda common stock during the Class Period, November 4, 2015 through February 11, 2019; you can [click here to join this action]. There is no cost or obligation to you.
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