Vanda Pharmaceuticals, Inc. Sued by Investor
SAN DIEGO and WASHINGTON, July 3, 2013
SAN DIEGO and WASHINGTON, July 3, 2013 /PRNewswire/ --Shareholder rights
attorneys at Robbins Arroyo LLP announce that a shareholder of Vanda
Pharmaceuticals, Inc. (NasdaqGM: VNDA) securities has filed a complaint in the
U.S. District Court for the District of Columbia against the company and
certain of its officers and directors. The complaint alleges that defendants
violated the Securities Exchange Act of 1934 between December 18, 2012 and
June 18, 2013 (the "Class Period").
Vanda is a biopharmaceutical company focused on the development and
commercialization of products for the treatment of central nervous system
disorders. The company's product portfolio includes tasimelteon, which is
currently in clinical development for "Non-24," a neurological sleep disorder
that affects proportionately more totally blind individuals than sighted.
Vanda Is Accused of Making False and Misleading Statements Regarding Results
of Its Clinical Trial for Tasimelteon
Throughout the Class Period, defendants made false and/or misleading
statements and failed to disclose material adverse facts about the results of
the clinical trial for tasimelteon. Specifically, defendants made false
and/or misleading statements and failed to disclose that: (i) the company made
multiple changes in the primary endpoint over the course of the trials; (ii)
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 sleep cycle; and (iii) the company made a change in a
new primary endpoint just one month before study results were published that
has allegedly never been used before in sleep-drug clinical trials, nor was it
endorsed by the U.S. Federal Drug Administration.
Vanda Stock Price Falls Dramatically on Question of Validity of Clinic Trial
On June 19, 2013, The Street published an article casting doubt on the quality
and efficacy of Vanda's clinical trial procedure and test data for
tasimelteon. In addition to the issues listed above, the article 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 than 5% of the patients enrolled in
the trials suffered from Non-24 according to the "textbook definition" of the
On this news, Vanda shares declined $2.41 per share or more than 22%, to close
at $8.51 per share on June 19, 2013.
If you invested in Vanda and would like to discuss your shareholder rights,
please contact attorney Darnell R. Donahue at (800) 350-6003,
email@example.com, or via the shareholder information form on the
Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please
go to http://www.robbinsarroyo.com.
Press release link:
Attorney Advertising.Past results do not guarantee a similar outcome.
Darnell R. Donahue
Robbins Arroyo LLP
(619) 525-3990 or Toll Free at (800) 350-6003
SOURCE Robbins Arroyo LLP
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