Governance & Derivative

Vanda Pharmaceuticals Inc. (NasdaqGM: VNDA)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Vanda Pharmaceuticals Inc. (NasdaqGM: VNDA).

On February 11, 2019, Aurelius Value reported that the Company was involved in an off-label promotion scheme in which its drug products, Fanapt and Hetlioz, were marketed to treat disorders for which the drugs were not FDA-approved, for example, promoting sales of Fanapt to children with schizophrenia, rather than adults, in a manner that was inconsistent with the FDA’s authorization.

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court in that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Vanda’s officers and/or directors breached their fiduciary duties to Vanda’s shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Vanda Pharmaceuticals shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.