Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Columbia on behalf of investors who purchased Vanda Pharmaceuticals, Inc. (“Vanda” or the “Company”) (NasdaqGM: VNDA) stock between December 18, 2012 and June 18, 2013.
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The complaint alleges that defendants violated federal securities laws by issuing materially false and misleading statements and/or failing to disclose materially adverse facts concerning the Company’s Phase III testing of the drug Tasimelteon. In particular, it is alleged that, in the middle of the Phase III studies, Vanda altered the primary endpoint to one never before used in a sleep-drug clinical trial—and not endorsed by the FDA—when data suggested the original endpoint would not be met.
On June 19, 2013, an article was published on thestreet.com, questioning the efficacy of Vanda’s study, noting that the study not only changed multiple times, but that it replaced the primary endpoint just a month before study results were announced. On the news, shares of Vanda closed at $8.51 per share on June 19, 2013, a drop of more than 20% from the previous day.
If you suffered a loss in Vanda you have until August 26, 2013
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.