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VNDA.US
id: 335, Created by Stan Vick Chase, Scout

Vanda Pharmaceuticals Inc

Settled
04 November 2015
Class period Start
11 February 2019
Class period End
28 December 2022
Claim deadline
Kenneth 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
Created by Stan Vick Chase, Scout

Vanda Pharmaceuticals Inc

Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs worldwide. The company's marketed products...

    Ticker
    VNDA.US
    ISIN
    US9216591084
    CIK
    1347178
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    2200 Pennsylvania Avenue NW, Washington, DC, United States, 20037