id: 335, Created by Stan Vick, Scout
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- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
Claim deadline for this case already passed by, but we can still try and file for compensation for you
E.D. New YorkCourt
04 Nov 2015Class period Start
11 Feb 2019Class period End
28 Dec 2022Claim 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.
The Rosen Law Firm, P.A.,Robbins Geller Rudman & Dowd LLP
Hon. Allyne R. Ross
+$11,500,000Total Settlement Amount