Vanda Pharma Investor Accuses Brass Of Off-Label Marketing
Law360 (September 12, 2019, 4:46 PM EDT) -- A Vanda Pharmaceuticals Inc. investor filed a derivative suit in Delaware federal court Wednesday claiming company officers covered up a "widespread" off-label marketing scheme to sell two drugs to patients they were not meant to treat, leading to a drop in the company's stock price when the scheme came to light.
In a 117-page complaint, shareholder Michael Bavaro asserted that Vanda's founder and CEO Mihael H. Polymeropoulos, who is a psychiatrist, and seven other current or former company directors and officers breached their fiduciary duty to the company by making "materially false and misleading statements and omissions" related to the sale...
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