Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Vanda Pharmaceuticals Inc.
04 7월 2013 - 1:46AM
Business Wire
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Vanda Pharmaceuticals Inc. (NASDAQ GM:
VNDA)?
- Did you purchase your shares before
December 18, 2012, or between December 18, 2012 and June 18,
2013?
- Did you lose money in your
investment in Vanda Pharmaceuticals Inc.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J. MacFall, announces that a
complaint has been filed in the United States District Court for
the District of Columbia on behalf of all persons or entities that
purchased the common stock of Vanda Pharmaceuticals Inc. (“Vanda”
or the “Company”) (NASDAQ GM: VNDA) between December 18, 2012 and
June 18, 2013, inclusive (the “Class Period”), alleging violations
of the Securities Exchange Act of 1934 against the Company and
certain of its officers (the “Complaint”).
If you purchased shares of Vanda during the Class Period, or
purchased shares prior to the Class Period and still hold Vanda,
and wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A.,
825 East Gate Boulevard, Suite 300, Garden City, NY at (888)
969-4242, by e-mail to info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/vanda-pharmaceuticals-inc-vnda.
Vanda is a biopharmaceutical company focused on the development
and commercialization of products for the treatment of central
nervous systems disorders. The Company’s product portfolio includes
tasimelteon, a compound for the treatment of circadian rhythm sleep
disorders (CRSD), which is currently in clinical development for
“Non-24,” a serious, rare CRSD that affects a majority of totally
blind individuals. The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements,
and omitted materially adverse facts, about the Company’s business,
operations and prospects. Specifically, the Complaint alleges that
the defendants concealed from the investing public that: (1) the
Company was forced to unilaterally change the primary endpoint in
the middle of Phase III studies as it was already in possession of
data suggesting that the original primary endpoint was not going to
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
ex ante by the Company and has never been used before in sleep-drug
clinical trials, nor was it endorsed by the U.S. Food and Drug
Administration (“FDA”); and (4) as a result of the foregoing, the
Company’s statements were materially false and misleading at all
relevant times. As a result of defendants’ false and misleading
statements, the Company’s stock traded at artificially inflated
prices during the Class Period.
According to the Complaint, 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 that 5% of
the patients enrolled in the trials suffered from Non-24 according
to the “textbook definition” of the disease.
On these revelations, shares in Vanda dropped more than 22%,
closing at $8.51 per share on June 19, 2013, from a close of $10.92
per share on June 18, 2013, on heavy trading volume of over 8
million shares.
If you wish to serve as lead plaintiff, you must move the Court
no later than August 26, 2013. A lead plaintiff is a representative
party acting 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. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. Any member of the proposed class may move the court to
serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rigrodskylong.comhttp://www.rigrodskylong.com
Vanda Pharmaceuticals (NASDAQ:VNDA)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Vanda Pharmaceuticals (NASDAQ:VNDA)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
