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VNDA.US
id: 335, Created by Stan Vick Chase, Scout
Vanda Pharmaceuticals Inc
Settled
04 November 2015
Class period Start11 February 2019
Class period End28 December 2022
Claim deadlineKenneth Gordon, et al. v. Vanda Pharmaceuticals Inc., et al.
Vanda Pharmaceuticals (VNDA) agreed to pay $11.5 million to settle a securities class action lawsuit accusing the Company of deceiving investors about user engagement in 2015.
The Complaint alleged the Company made false and/or misleading statements and/or failed to disclose that:
- Vanda was engaged in a fraudulent scheme in which it promoted the off-label use of Fanapt and Hetlioz;
- Vanda was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs;
- as a result of the scheme, Vanda faced legal action from the government;
- Vanda’s promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration;
Vanda agreed to settle with investors to avoid further litigation.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Attorney
The Rosen Law Firm, P.A.,Robbins Geller Rudman & Dowd LLP
Court
Eastern District of New York
Judge
Hon. Allyne R. Ross
Administrator
EPIQ
+$11,500,000
Total Settlement Amount