Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Vanda Pharmaceuticals, Inc. (“Vanda” or “Company”) (NasdaqGM: VNDA). The firms are investigating additional legal claims against the officers and Board of Directors of Vanda during the period of December 18, 2012 and June 18, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via email at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Vanda and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants’ misrepresented and/or failed to disclose that: (a) Vanda had to change the primary endpoint in the middle of the Phase III studies due to the data suggesting that the original primary endpoint was not going to be met; (b) Vanda eliminated nighttime total sleep as the primary endpoint in its studies as there was no discernible difference in efficacy and safety in nighttime total sleep between those patients deemed to have Non-24 and those patients with a normal circadian rhythm; (c) the replacement primary endpoint installed to assess tasimelteon’s efficacy and safety was created ex ante by Vanda and has never been used before in sleep-drug clinical trials, nor was it endorsed by the FDA; and (d) due to the above, Vanda’s statements were materially false and misleading at all relevant times. According to the complaint, when doubts regarding the quality and efficacy of Vanda’s clinical trial procedure and test data, Vanda shares declined more that 22%.
Shareholder rights attorney Willie Briscoe said, “Recent revelations about alleged improper business practices and procedures regarding key aspects of Vanda’s business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Vanda’s officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Vanda’s stock for all shareholders.”