Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Amarin Corporation plc
November 22 2013 - 1:32PM
Business Wire
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Amarin Corporation plc (NASDAQ GM: AMRN)?
- Did you purchase your shares between
July 9, 2009 and October 16, 2013, inclusive?
- Did you lose money in your
investment in Amarin Corporation plc?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J. MacFall, announces that a
complaint has been filed in the United States District Court for
the Southern District of New York on behalf of all persons or
entities that purchased the common stock of Amarin Corporation plc
(“Amarin” or the “Company”) (NASDAQ GM: AMRN) between July 9, 2009
and October 16, 2013, inclusive (the “Class Period”), alleging
violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the “Complaint”).
If you purchased shares of Amarin during the Class Period and
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A.,
825 East Gate Boulevard, Suite 300, Garden City, NY at (888)
969-4242, by e-mail to info@rl-legal.com, or at:
http://www.rigrodskylong.com/investigations/amarin-corporation-plc-amrn.
Amarin is a biopharmaceutical company focused on the
commercialization and development of therapeutics to improve
cardiovascular health. The Complaint alleges that throughout the
Class Period, defendants made materially false and misleading
statements, and omitted materially adverse facts, about the
Company’s business, operations and prospects. Specifically, the
Complaint alleges that the defendants concealed from the investing
public that: (1) the Company’s prospects for U.S. Food and Drug
Administration’s (“FDA”) approval of its lead product, Vascepa,
were misleading; and (2) the Company failed to disclose that the
FDA had informed Amarin that there was a lack of prospective,
controlled clinical trial data indicating that the pharmaceutical
reduction of triglycerides (“TG”) significantly reduces residual
cardiovascular risk. As a result of defendants’ false and
misleading statements, the Company’s stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, in a Briefing Document published on
October 11, 2013, the FDA both summarized its significant doubt
expressed to Amarin in July 2008 that the reduction of TGs alone
evidenced an improved risk of cardiac issues and stated that based
on published test results first available to Amarin in 2010 that
there was little indication that a reduction in TGs alone would
improve the incidence of cardiac events. As a result, on October
16, 2013, an Advisory Committee rejected Amarin’s new drug
application based on its ANCHOR study, adopting the FDA’s position
that the ANCHOR study itself was not indicative of the efficacy of
the drug to reduce severe cardiovascular events.
On this news, shares in Amarin dropped more than 61%, closing at
$2.01 per share on October 17, 2013, on extraordinarily heavy
trading volume of over 105 million shares.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 3, 2014. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member’s claim is typical of the claims of
other class members, and that the class member will adequately
represent the class. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. Any member of the proposed class may move the court to
serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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