SAN DIEGO and WASHINGTON, July 3, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that a shareholder of Vanda Pharmaceuticals, Inc. (NasdaqGM: VNDA) securities has filed a complaint in the U.S. District Court for the District of Columbia against the company and certain of its officers and directors. The complaint alleges that defendants violated the Securities Exchange Act of 1934 between December 18, 2012 and June 18, 2013 (the "Class Period").
Vanda is a biopharmaceutical company focused on the development and commercialization of products for the treatment of central nervous system disorders. The company's product portfolio includes tasimelteon, which is currently in clinical development for "Non-24," a neurological sleep disorder that affects proportionately more totally blind individuals than sighted.
Vanda Is Accused of Making False and Misleading Statements Regarding Results of Its Clinical Trial for TasimelteonThroughout the Class Period, defendants made false and/or misleading statements and failed to disclose material adverse facts about the results of the clinical trial for tasimelteon. Specifically, defendants made false and/or misleading statements and failed to disclose that: (i) the company made multiple changes in the primary endpoint over the course of the trials; (ii) the company 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 sleep cycle; and (iii) the company made a change in a new primary endpoint just one month before study results were published that has allegedly never been used before in sleep-drug clinical trials, nor was it endorsed by the U.S. Federal Drug Administration.