NEW YORK, March 12, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) from November 4, 2015 through February 11, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Vanda investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than April 26, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation http://zhanginvestorlaw.com/join-action-form/?slug=vanda-pharmaceuticals-inc&id=1774, or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756, or email info@zhanginvestorlaw.com, slee@zhanginvestorlaw.com for information on the class action.
Accordingly, the complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Vanda was engaged in a fraudulent scheme in which it promoted the off-label use of Fanapt and Hetlioz; (2) Vanda was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs; (3) as a result of the scheme, Vanda faced legal action from the government; (4) Vanda’s promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration; and (5) as a result, defendants’ statements about Vanda’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Zhang Investor Law represents investors worldwide.
Zhang Investor Law P.C.
99 Wall Street, Suite 232
New York, New York 10005
info@zhanginvestorlaw.com
tel: (800) 991-3756