DENVER, CO, March 18, 2021 – Shuman, Glenn & Stecker announces that it is investigating potential claims against certain officers and directors of Vanda Pharmaceuticals, Inc. (“Vanda” or the “Company”) (Nasdaq: VNDA). Vanda is a pharmaceutical development company.
The Firm’s investigation relates to allegations raised in a securities class action against Vanda and certain of its senior officers in the U.S. District Court for the Eastern District of New York. The complaint alleges that between 2015 and 2019, Vanda was involved in a fraudulent scheme that included violations of federal Medicare, Medicaid, and Tricare programs to promote its drugs Fanapt and Hetlioz for “off-label”. The complaint further alleges that Vanda’s executives and officers knew about the prohibited promotional strategies and actively participated in the fraudulent activity. When the truth was revealed, Vanda’s stock declined over 5%.
On March 10, 2021, U.S. District Judge Frederic Block denied Vanda and its CEO’s motion to dismiss the securities class action against, paving the way for the case to proceed towards trial.
If you currently own Vanda common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip Shuman toll free at (866) 569-4531 or email Mr. Shuman at firstname.lastname@example.org.
Shuman, Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.