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Vanda Pharmaceuticals Inc (NASDAQ: VNDA) Investor Securities Class Action Lawsuit 06/24/2013

  • If you purchased shares of Vanda Pharmaceuticals Inc (NASDAQ: VNDA), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Vanda Pharmaceuticals Inc.
Security
NASDAQ: VNDA

Case Name
Vanda Pharmaceuticals Shareholder Class Action Lawsuit 06/24/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Columbia

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 3, 2014 - The case was voluntarily dismissed.

June 24, 2013 - An investor in shares of Vanda Pharmaceuticals Inc (NASDAQ: VNDA) filed a lawsuit in the U.S. District Court for the District of Columbia against Vanda Pharmaceuticals over alleged violations of Federal Securities Laws by Vanda Pharmaceuticals Inc in connection certain allegedly false and misleading statements that were made between December 18, 2012 and June 18, 2013.

According to the complaint the plaintiff alleges on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Vanda Pharmaceuticals Inc (NASDAQ: VNDA) between December 18, 2012 and June 18, 2013, that Vanda Pharmaceuticals Inc and certain of its officers violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Vanda Pharmaceuticals Inc reported that its annual Total Revenue rose from $31.27 million in 2011 to $32.73 million in 2012 and that its respective Net Loss increased from $9.80 million to $27.66 million. Shares of Vanda Pharmaceuticals Inc (NASDAQ: VNDA) grew from $3.80 in early 2013 to as high as $13.25 per share on June 12, 2013. The plaintiff alleges that between December 18, 2012 and June 18, 2013, defendants made allegedly false and/or misleading statements, as well as allegedly failed to disclose material adverse facts about the results of the clinical trial for tasimelteon.

On June 13, 2013, an article was published that alleged that the design of Vanda Pharmaceuticals Inc’s primary phase III study changed numerous times, including a complete replacement of the primary endpoint just one month before study results were announced. The article also alleged that during the tasimelteon clinical trials, Vanda Pharmaceuticals Inc cut half the patient enrollment because the blind patients with non-24 could not be identified. Shares of Vanda Pharmaceuticals Inc declined from over $13 per share on June 12, 2013 to as low as $8.47 per share on June 19, 2013.

On June 24, 2013, Vanda Pharmaceuticals Inc (NASDAQ: VNDA) shares closed at $7.54 per share.