Vanda Pharmaceuticals Shareholder Alert: Briscoe Law & Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Offic...
04 7월 2013 - 12:53AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor, LLP announce that a
federal class action lawsuit has been filed against Vanda
Pharmaceuticals, Inc. (“Vanda” or “Company”) (NasdaqGM: VNDA). The
firms are investigating additional legal claims against the
officers and Board of Directors of Vanda during the period of
December 18, 2012 and June 18, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about
the lawsuit or join the action, contact Willie Briscoe at The
Briscoe Law Firm, PLLC, (214) 239-4568, or via email at
WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers
Taylor, LLP, toll free (877) 728-9607, via email at
shareholder@powerstaylor.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Vanda and
certain of its officers and directors were charged with violating
certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges that among other things,
defendants’ misrepresented and/or failed to disclose that: (a)
Vanda had to change the primary endpoint in the middle of the Phase
III studies due to the data suggesting that the original primary
endpoint was not going to be met; (b) Vanda 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; (c) the replacement
primary endpoint installed to assess tasimelteon’s efficacy and
safety was created ex ante by Vanda and has never been used before
in sleep-drug clinical trials, nor was it endorsed by the FDA; and
(d) due to the above, Vanda’s statements were materially false and
misleading at all relevant times. According to the complaint, when
doubts regarding the quality and efficacy of Vanda’s clinical trial
procedure and test data, Vanda shares declined more that 22%.
Shareholder rights attorney Willie Briscoe said, “Recent
revelations about alleged improper business practices and
procedures regarding key aspects of Vanda’s business and other
misleading financial statements have prompted the firms to
investigate possible breaches of fiduciary duties and other
violations of state law by Vanda’s officers and directors. Based on
our investigation, we are prepared to pursue litigation to preserve
the company and the value of Vanda’s stock for all
shareholders.”
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
Vanda Pharmaceuticals (NASDAQ:VNDA)
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Vanda Pharmaceuticals (NASDAQ:VNDA)
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