March 10, 2021 - The court granted in part and denied in part the defendants' motion to dismiss.

June 9, 2020 - A motion to dismiss the amended complaint was filed.

July 23, 2019 - An amended complaint was filed.

February 25, 2019 - An investor in shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Vanda Pharmaceuticals Inc. in connection with certain allegedly false and misleading statements made between November 4, 2015 and February 11, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) common shares between November 4, 2015 and February 11, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2015 and February 11, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Vanda was engaged in a fraudulent scheme in which it promoted the off-label use of Fanapt and Hetlioz, that Vanda was fraudulently receiving drug reimbursements from the government by abusing Medicare, Medicaid, and Tricare programs, that as a result of the scheme, Vanda faced legal action from the government, that Vanda’s promotional materials for Fanapt and Hetlioz were false and misleading, garnering regulatory scrutiny from the U.S. Food and Drug Administration, and that as a result, defendants’ statements about Vanda’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. Washington, DC based Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs and improve the lives of patients.

On February 11, 2019, an article was published reporting that a Qui Tam lawsuit filed by a whistleblower was recently unsealed, containing allegations of “illegal off-label promotion of both of Vanda’s drugs, Vanda’s participation in a fraud involving doctors writing hundreds of ‘fake prescriptions’ and pocketing cash using Vanda-issued copay cards, falsified documents in internal systems, and resignations of senior executives who refused to participate in illegal activity.” Shares of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) declined from $31.30 per share in January 2019 to as low as $17.05 per share on February 11, 2019.