World News: 23:27 GMT Friday 15th March 2019. [Pomerantz LLP via Globe Newswire via SPi World News]
NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Vanda Pharmaceuticals, Inc. (“Vanda” or the “Company”) (NASDAQ: VNDA). Such investors are advised to contact Robert S. Willoughby at or 888-476-6529, ext. 9980.
The investigation concerns whether Vanda and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 22, 2018, the U.S. Food and Drug Administration (“FDA”) sent Vanda a Warning Letter, addressed to the Company’s founder and Chief Executive Officer, Mihael H. Polymeropoulos. The Warning Letter discussed the FDA’s review of Vanda’s website, which the FDA found “false and misleading” due to its failure to disclose risks associated with the Company’s products Fanapt and Hetlioz, and in violation of the Federal Food, Drug, and Cosmetic Act. On this news, Vanda’s stock price fell $2.00 per share, or over 9%, over the next two trading days, closing at $20.00 per share on October 24, 2018. Then, 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 discussed a previously unreported qui tam lawsuit which alleged that Vanda had engaged in the fraudulent promotion of Fanapt and Hetlioz for years, and further alleged that Vanda had schemed to defraud the government with fraudulent reimbursements.
On this news, Vanda’s stock price fell $0.95 per share, or over 5%, to close at $18.00 per share on February 11, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
Globe Newswire: 23:27 GMT Friday 15th March 2019
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