Vanda Pharmaceuticals Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by

  Vanda Pharmaceuticals Shareholder Alert: Briscoe Law and Powers Taylor
  Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

Business Wire

DALLAS -- July 3, 2013

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.

Contact:

The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
WBriscoe@TheBriscoeLawFirm.com
or
Powers Taylor, LLP
Zachary Groover, 877-728-9607
shareholder@powerstaylor.com
 
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