SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Amarin Corporation PLC, of Class Action Lawsuit and Upcoming Deadline
NEW YORK, Dec 2, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Amarin Corporation PLC (“Amarin” or the “Company”) (NASDAQ: AMRN) and some of its officers. The class action filed in The United States District Court for the district New Jersey, and registered under 21-cv-19911, is on behalf of a class consisting of all natural and legal persons, with the exception of Defendants, who have purchased or otherwise acquired securities of Amarin between 5th December 2018 and June 21, 2021, including (the “Collection Period”) to seek damages caused by Defendant’s breach of federal securities laws and to seek legal remedies under Sections 10 (b) and 20 (a) of the Stock Exchange Act of 1934 (the “Exchange” Act “) and rule 10b-5 published by the Securities and Exchange Commission pursuant to this.
Fighting victims of securities fraud for over 85 years (PRNewsfoto / Pomerantz LLP)
If you are a shareholder who purchased Amarin securities during the Class Action Period, you will have up to December 21, 2021 ask the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, extension. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Amarin is a biopharmaceutical company whose main product since 2008 has been Vascepa® (AMR-101) (“Vascepa”), a high-purity, prescription-grade omega-3 fatty acid made from fish oil. In July 2012, The US Food and Drug Administration (“FDA”) first approved Vascepa for the treatment of patients with very high levels of triglycerides (“TG”), a type of fat found in the blood December 2019, expanded the label to include the reduction of cardiovascular disease, including heart attack, stroke, and cardiovascular death, in high-risk patients.
The story goes on
To protect its market share, Amarin applied for and received dozens of US patents related to Vascepa, including for its formulation and method of use. In fact, at the beginning of the class period, Vascepa had patent protection until 2030, when the last patent was due to expire. At the same time, Amarin was involved in patent litigation against applicants filing Abbreviated New Drug Applications (“ANDAs”) for Vascepa’s generic drugs, exposing the company to real risks to the validity and scope of its patent portfolio coverage.
The lawsuit alleges that throughout the class action period, defendants made essentially false and misleading statements about the company’s business, operational, and compliance policies. In particular, Defendants made false and misleading statements and / or failed to disclose that: (i) there was an increasing risk that certain Amarin patents would be invalidated; (ii) after the District Court invalidated certain of Amarin’s patents, there was little to no chance of overturning that judgment; (iii) the Company’s litigation prevented a successful acquisition; (iv) Defendants downplayed the real threat the ongoing ANDA process posed to the company’s business and future prospects; and (v) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
After the markets closed March 30, 2020, defendants have partially revealed the truth about the strength of Amarin’s patent portfolio. On that day the company announced that “The United States District Court for the district Nevadas govern[ed] in favor of the generic drug manufacturer in the company’s patent litigation against two applicants for abbreviated new drug applications (ANDAs) for Amarin’s VASCEPA® (icosapent ethyl) capsule franchise. “
Because of this news, Amarin’s share price fell over 70.5% to close $ 4.00 At March 31, 2020, with high trading volume.
Analysts realized that investors were learning about the weaknesses in the company’s touted patent protection. As Seeking Alpha (“SA”) news editor Stephen Alpher in an article entitled “Amarin falls after court ruling on Vascepa” March 30, 2020, the company has lost its generic patent battle.
To allay investor concerns, the Defendant Thero assured that “[w]We believe we are in a favorable position to obtain an injunction against the introduction of generic drugs, which is pending, provided that we issue a bond to secure the generic’s lost profits in the event that generic drugs prevail on appeal in the trust Calling and boasting that the company continues to seek regulatory approvals in other countries has been a viable M&A target in the strength of their patent portfolio and business prospects.
Then off 10:00 p.m. ET At September 2, 2020, the US Federal Circuit Court of Appeals provided an oral argument for the company’s patent litigation. The very next day, the Federal Circuit upheld the District Court’s judgment.
As the oral argument progressed and the Federal Circuit’s decision became known to investors, Amarin’s share price fell over 34.5% to close. $ 4.30 At 4th September 2020, on high trading volume as the truth about the company’s patent portfolio continued to emerge.
As SA news editor Douglas W. house noted on September 2, 2020, “Arguments from attorneys representing the company don’t go that well. Stocks are down 27%, with volume nearly 7x higher, 2 1/2 hours after the session started.” Another SA analyst noted similarly September 6, 2020, “Amarin shares were struck this week during the appeal hearing, and particularly after the negative judgment was given.” September 3. “
Despite the loss of opposition, the company continued to reassure investors of the strength of its patent portfolio. on September 3, 2020The company released a press release stating that it would file a petition with the US Supreme Court for an en-banc review of the federal court’s decision and obtain “further regulatory approvals for VASCEPA in China, Europe and the other countries in the middle East. “The company further stated that”[g]eographies outside The United States in which VASCEPA is being sold and is under regulatory review are not subject to this litigation and judgment. Outside there are no general legal disputes pending The United StatesAs a result, the market continued to see the company as a desirable target and well positioned to effect a successful acquisition.
Then, on April 12, 2021, Amarin announced the resignation of Defendant Thero as President and CEO and the appointment of Senior Vice President (“SVP”) and Head of Commercial for the Company Europe, Karim Michail (“Mikhail”), effective as his successor August 1, 2021. When announcing the “CEO Succession Plan”, the company emphasized that Mikhail had previously “been responsible for the reversal” [Merck’s] Decline in the US market and worldwide, making sales an additional $ 380 million by introducing ATOZET and promoting EBITDA growth through international expansion. Prior to that, Mr. Mikhail led the successful commercial launches of dozen of products, including ezetimibe and various molecules in diabetes, hypertension, immunology and oncology, and was Merck’s Chief Marketing Officer for Europe, middle East and Africa and Chief Operating Officer for Emerging Markets. “
Based on the news, the company’s share price fell more than 14.3% to close $ 5.08 At April 13, 2021, with high trading volume.
As one analyst explained April 12, 2021, Amarin “[i]Investors may be disappointed with the move, and that it may not signal any near-term mergers and acquisitions on the table (which is the clear and most important bull case for the stock). ”However, the“ strategic move could finally be the one [C]Company value “because how on April 13, 2021, by another analyst, while Defendant Thero “deserves some credit for overseeing the completion of the landmark REDUCE-IT process, but also taking responsibility for her legal failures, disappointing sales performance, and share price.” For the “new era”, Mikhail “brings in substantial connections Europe from his time at Merck. “
Despite Defendants’ constant assurances regarding the strength of Amarin’s patent portfolio and its ability to vigorously defend this critical asset, June 21, 2021, investors learned, “that the Supreme Court is the [C]the company’s offer to revive Vascepa patents. “
On the news, Amarin’s share price fell 8.3% to close $ 4.54 At June 23, 2021, with high trading volume.
Pomerantz LLP, with offices in new York, Chicago, The angel, Paris, and Tel Aviv, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the Dean of the Class Action Chamber, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz is continuing the tradition he founded and fighting for the rights of victims of securities fraud, breach of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
To download multimedia, please view the original content: https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in -amarin-corporation-plc-from-class-action-and-imminent-deadline – amrn-301436842.html
SOURCE Pomerantz LLP