NEW YORK,
June 19, 2013 /PRNewswire/
-- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is
investigating claims on behalf of investors of Vanda
Pharmaceuticals, Inc. ("Vanda" or the "Company") (NASDAQ:
VNDA)(CUSIP: 921659108) who purchased Vanda common stock between
May 8, 2012 and June 18, 2013 (the "Class Period"). Such
investors are advised to contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888-476-6529,
ext. 237.
The investigation concerns whether Vanda and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On June 17, 2013, Vanda
presented additional data at ENDO 2013, the Endocrine Society's
95th Annual Meeting, demonstrating that tasimelteon
can entrain (synchronize) both
melatonin and cortisol rhythms. The Company stated, the SET (Safety
and Efficacy of Tasimelteon) and RESET (Randomized-withdrawal study
of the Efficacy and Safety of Tasimelteon to treat Non-24-Hour
Disorder) Phase III studies were designed to assess the safety,
efficacy and maintenance effect of tasimelteon for
Non-24.
On June 19, 2013, an article
published on "The Street" website raised doubts about the quality
and efficacy of the Vanda's clinical trial procedure and test
data. In part, the articles stated,
"Vanda tells a pretty
compelling story about the development of tasimelteon for the
treatment of a rare sleep-pattern disorder that affects blind
people. Dig into the company's clinical work on tasimelteon,
however, and you'll find a disturbingly large number of
irregularities and red flags which should ring alarm bells for
any
investor betting
on the drug's approval. Upon this
news announcement, shares of Vanda fell $2.65 or 24.27% in intra-day trading, to
$8.27 per share.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established,
fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has
recovered numerous multimillion-dollar damages awards on behalf of
class members. See www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz
Grossman Hufford Dahlstrom & Gross
LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford
Dahlstrom & Gross LLP