NEW YORK , June 19, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Vanda Pharmaceuticals, Inc. ("Vanda" or the "Company") (NASDAQ: VNDA)(CUSIP: 921659108) who purchased Vanda common stock between May 8, 2012 and June 18, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237. The investigation concerns whether Vanda and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 17, 2013, Vanda presented additional data at ENDO 2013, the Endocrine Society's 95 th Annual Meeting, demonstrating that tasimelteon can entrain (synchronize) both melatonin and cortisol rhythms. The Company stated, the SET (Safety and Efficacy of Tasimelteon) and RESET (Randomized-withdrawal study of the Efficacy and Safety of Tasimelteon to treat Non-24-Hour Disorder) Phase III studies were designed to assess the safety, efficacy and maintenance effect of tasimelteon for Non-24.
On June 19, 2013, an article published on "The Street" website raised doubts about the quality and efficacy of the Vanda's clinical trial procedure and test data. In part, the articles stated, " Vanda tells a pretty compelling story about the development of tasimelteon for the treatment of a rare sleep-pattern disorder that affects blind people. Dig into the company's clinical work on tasimelteon, however, and you'll find a disturbingly large number of irregularities and red flags which should ring alarm bells for any investor betting on the drug's approval. Upon this news announcement, shares of Vanda fell $2.65 or 24.27% in intra-day trading, to $8.27 per share.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, 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 70 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 www.pomerantzlaw.com.CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.com SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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