INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Vanda Pharmaceutical...
April 06 2019 - 1:10PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Eastern District of New York on behalf of those who acquired Vanda
Pharmaceuticals Inc. (“Vanda” or the “Company”) (NASDAQ: VNDA)
securities during the period from November 4, 2015 through February
11, 2019 (the “Class Period”). Investors have until April 26, 2019
to apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that Vanda made materially false and
misleading statements and/or failed to disclose that: (i) Vanda was
engaged in a fraudulent scheme in which it promoted the off-label
use of Fanapt and Hetlioz; (ii) Vanda was fraudulently receiving
drug reimbursements from the government by abusing Medicare,
Medicaid, and Tricare programs; (iii) as a result of the scheme,
Vanda faced legal action from the government; and (iv) Vanda’s
promotional materials for Fanapt and Hetlioz were false and
misleading, garnering regulatory scrutiny from the U.S. Food and
Drug Administration.
On February 11, 2019, Aurelius Value published an article
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.”
On this news, shares of Vanda fell $0.95 per share or
approximately 5%, to close at $18.00 on February 11, 2019.
If you acquired Vanda securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, or by filling out this contact
form, to discuss your rights or interests with respect to these
matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190406005001/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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