An investigation on behalf of current long term investors in Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 06/05/2019 -- An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Vanda Pharmaceuticals Inc..
Investors who are current long term investors in Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ: VNDA stocks follows a lawsuit filed against Vanda Pharmaceuticals Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: VNDA stocks, concerns whether certain Vanda Pharmaceuticals Inc. directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Vanda was engaged in a fraudulent scheme in which it promoted the off-label use of Fanapt and Hetlioz, that Vanda was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs, that as a result of the scheme, Vanda faced legal action from the government, that Vanda's promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration, and that 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.
Washington, DC based Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs and improve the lives of patients. On February 11, 2019, an article was published reporting that a Qui Tam lawsuit filed by a whistleblower was recently unsealed, containing allegations of "illegal off-label promotion of both of Vanda's drugs, Vanda's participation in a fraud involving doctors writing hundreds of 'fake prescriptions' and pocketing cash using Vanda-issued copay cards, falsified documents in internal systems, and resignations of senior executives who refused to participate in illegal activity." Shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) declined from $31.30 per share in January 2019 to as low as $17.05 per share on February 11, 2019.
Those who purchased shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) have certain options and should contact the Shareholders Foundation.
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