STEVENSON, Md., July 1, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Columbia on behalf of purchasers of Vanda Pharmaceuticals, Inc. ("Vanda" or the "Company") (Nasdaq:VNDA) securities during the period between December 18, 2012 and June 18, 2013, inclusive ("Class Period").
If you have suffered a net loss from investment in Vanda securities purchased on or after December 18, 2012, and held through June 19, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 26, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that, in the middle of its Phase III studies for the use of the compound tasimelteon for the treatment of a rare circadian rhythm sleep disorder ("Non-24"), the Company unilaterally changed the primary endpoint of nighttime total sleep to an endpoint never used in a sleep-drug clinical trial and that was not endorsed by the U.S. Food and Drug Administration because the Company possessed data suggesting that the original nighttime total sleep primary endpoint was not going to be met. According to the complaint, following a June 19, 2013 article that appeared in The Street raising doubts about the quality and efficacy of Vanda's clinical trial procedure and test data, including multiple changes in the primary endpoint during the Phase III trials, the value of Vanda shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation