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Amarin Corporation plc (NASDAQ: AMRN) Investor Securities Class Action Lawsuit 02/22/2019

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Lawsuit Overview

Case Dismissed
Company
Amarin Corporation plc
Security
NASDAQ: AMRN

Case Name
Amarin Shareholder Class Action Lawsuit 02/22/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

April 30, 2021 - The complaint was not amended. The case was dismissed.

March 29, 2021- The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

October 4, 2019 - A motion to dismiss the amended complaint was filed.

July 22, 2019 - An amended complaint was filed.

February 22, 2019 - An investor in shares of Amarin Corporation plc (NASDAQ: AMRN) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Amarin Corporation plc in connection with certain allegedly false and misleading statements made between September 24, 2018 and November 8, 2018.

Ireland based Amarin Corporation plc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States. Amarin Corporation plc reported that its annual Total Revenue rose from $130.08 million in 2016 to $181.1 million in 2017 and that its Net Loss declined from $86.35 million in 2016 to $67.86 million in 2017. Shares of Amarin Corporation plc (NASDAQ: AMRN) reached as high as $23.14 per share on November 5, 2018.

On November 12, 2018, an article was published, entitled Amarin's REDUCE-IT Trial: Something Fishy? The article addressed Amarin's recent revelations of positive topline results from its REDUCE-IT trial for Vascepa, its sole product. Specifically, the article raised the possibility that the placebo group received an active agent that in effect was an anti-statin , and that the REDUCE-IT trial results may have consequently exaggerated the efficacy of Vascepa.

According to the complaint the plaintiff alleges on behalf of purchasers of Amarin Corporation plc (NASDAQ: AMRN) common shares between September 24, 2018 and November 8, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 24, 2018 and November 8, 2018, the defendants made false and misleading statements or failed to disclose that the top-line results Amarin touted about its REDUCE-IT trial for Vascepa were not as positive as the company represented, thatthe placebo given to patients in the control arm of REDUCE-IT may have increased the incidence of cardiovascular events in those patients, and that as a result, Amarin’s public statements were materially false and misleading at all relevant times.