WAYNE, Pa., June 28, 2013 /PRNewswire/ -- Ryan &
Maniskas, LLP (www.rmclasslaw.com/cases/vnda) announces that a
class action lawsuit has been filed in the United States District
Court for the District of Columbia
on behalf of purchasers of Vanda Pharmaceuticals, Inc. ("Vanda" or
the "Company") (NASDAQ: VNDA) between December 18, 2012 and June
18, 2013, inclusive (the "Class Period").
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For more information regarding this class action suit, please
contact Ryan & Maniskas, LLP (Richard
A. Maniskas, Esquire) toll-free at (877) 316-3218 or by
email at rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/vnda.
Vanda is a biopharmaceutical company engaged in the development
and commercialization of products for the treatment of central
nervous system disorders, including tasimelteon -- a treatment for
circadian rhythm sleep disorders ("CRSD") and currently in clinical
development for a serious, rare CRSD known as "Non-24." The
Complaint alleges that during the Class Period the Company issued
false and/or misleading statements and/or failed to disclose the
following: (1) the Company was forced to unilaterally change the
primary endpoint in the middle of the tasimelteon Phase III studies
as it was in possession of data suggesting the original primary
endpoint would not be met; (2) the Company eliminated nighttime
total sleep as the primary endpoint in its studies as there was no
discernible difference in efficacy and safety in nighttime total
sleep between those patients deemed to have Non-24 and those
patients with a normal circadian rhythm; (3) the replacement
primary endpoint installed to assess tasimelteon's efficacy and
safety was created by the Company based on predicted results and
has never been used before in sleep-drug clinical trials, nor was
it endorsed by the Food and Drug Administration; and (4) as a
result of the foregoing, the Company's statements were materially
false and misleading at all relevant times.
On June 19, 2013, The Street
published an article raising doubts about the quality and efficacy
of Vanda's clinical trial procedure and test data. Among other
issues, the article noted multiple changes in the primary endpoint
over the course of the trials, including a change just one month
before study results were published to a new primary endpoint that
has allegedly never been used before in sleep-drug clinical trials,
nor was it endorsed by the FDA. The article also states that Vanda
was forced to cut patient enrollment in the clinical trials in half
because an insufficient number of totally blind patients with
Non-24 could not be identified, and that ultimately less than 5% of
the patients enrolled in the trials suffered from Non-24 according
to the "textbook definition" of the disease. On this news, Vanda
shares declined $2.41 per share or
more than 22%, to close at $8.51 per
share on June 19, 2013.
If you are a member of the class, you may, no later than
August 24, 2013, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information about the case or to participate online,
please visit: www.rmclasslaw.com/cases/vnda or contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more
information about class action cases in general or to learn more
about Ryan & Maniskas, LLP, please visit our website:
www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT:
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/vnda
rmaniskas@rmclasslaw.com
SOURCE Ryan & Maniskas, LLP