Reminds Vanda’s Board of Their Fiduciary Duties Given the Mishandling of Future Pak’s Offer to Acquire Vanda’s Underperforming and Undervalued Shares at an ~80-90% Premium
Expresses Serious Concerns Over Entrenchment, Misaligned Incentives, and Cronyism at Vanda, Including the CEO’s and His Family’s $46M+ in Disclosed Compensation Amidst $1B+ in Shareholder Value Destruction
Believes Vanda’s Board Must Explore Strategic Alternatives
MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- Shareholder Capital LLC (together with its members and affiliates, “ShareCap”), a significant shareholder of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) (“Vanda” or the “Company”) holding over 200,000 shares of the Company’s common stock, announced today that they have delivered a letter to independent members of the Board of Directors of Vanda (the “Board”). The letter, which can be accessed below, calls on the Board to fulfill their fiduciary duties to Vanda’s shareholders given their complete disregard of a credible, fully-financed offer by Future Pak, LLC (“Future Pak”) to acquire Vanda at a 79.0-91.4% premium to its closing price on 4/16/24. ShareCap believes Vanda has long-ignored shareholders’ interests in favor of entrenchment, misaligned incentives, and cronyism, resulting in poor oversight and execution of the unknown and value-destructive strategy that has delivered extraordinary underperformance and extreme undervaluation. ShareCap calls on the Board to initiate a strategic alternatives process that, among the alternatives, reconsiders Future Pak’s offer.
PDF Link to Shareholder Capital Public Letter to Vanda Board
Media and Investor Contact
Jeremy Lichtman
(305) 283-5211
jeremy@shareholdercapital.com
