Investor Alert: Bernstein Liebhard LLP Reminds Investors Of A Lead Plaintiff Deadline In A Securities Class Action Against Vanda Pharmaceuticals, Inc. - VNDA
NEW YORK, April 16, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced today that only 10 days remain to make a motion for lead plaintiff in a securities class action lawsuit alleging claims on behalf of those who purchased the securities of Vanda Pharmaceuticals Inc. ("Vanda" or the "Company") between November 4, 2015 and February 11, 2019, both dates inclusive (the "Class Period"). The lawsuit, filed in the United States District Court for the Central District of California, alleges violations of the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
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 Joe Seidman 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.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Central District of California.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joe Seidman
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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