NEW YORK, Nov. 27, 2013 /PRNewswire/ --Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Amarin Corporation, plc ("Amarin" or the "Company") (NASDAQ: AMRN) and certain of its officers. The class action, filed in United States District Court, Southern District of California, and docketed under 13-CIV-7882, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Amarin between August 8, 2012 and October 16, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Amarin securities during the Class Period, you have until January 3, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Amarin is a biopharmaceutical company focused on the commercialization and development of drugs to improve cardiovascular health. Amarin's product development program purports to leverage its extensive experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. Presently, Amarin's lead product is Vascepa® (icosapent ethyl) capsules ("Vascepa"). Vascepa, known in scientific literature as AMR101, is a patented, pure-EPA omega-3 fatty acid prescription product in a 1 gram capsule.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business in general, and the prospects for FDA approval of Vascepa. Specifically, Defendants made false and/or misleading statements, and/or failed to disclose material facts, including: (1) the mineral oil used as the placebo in the ANCHOR trial may not have been biologically inert, and therefore may have skewed the results of the trial by exaggerating the efficacy of Vascepa for the ANCHOR Indication; and (2) multiple cardiovascular outcome studies completed after the execution of the SPA covering the ANCHOR trial with the FDA in July 2009 failed to demonstrate that reducing triglyceride levels (whether from intake of omega-3 fatty acids or other compounds) translates into a meaningful cardiovascular benefit.
On October 11, 2013, the FDA released its briefing document (the, "Briefing Document") for the EMDAC meeting scheduled for October 16, 2013. In the Briefing Document, the FDA repeatedly expressed concern that the mineral oil used as a placebo in the ANCHOR trial may not be biologically inert, and therefore may have skewed the trial results by causing the efficacy of Vascepa to be exaggerated. The Briefing Document also highlighted that, since the signing of the SPA covering the ANCHOR trial, several cardiovascular outcome trials had failed to demonstrate meaningful cardiovascular benefit from a reduction in triglyceride levels, thus calling into question whether Vascepa offers any meaningful clinical benefit to patients with high triglyceride levels. On this news, Amarin shares fell $1.28 per share, or more than 20%, to close at $5.09 on October 11, 2013.
On October 16, 2013, the Company disclosed that the EMDAC had voted 9 to 2 against approval of Vascepa for the ANCHOR Indication citing, among other things, concerns surrounding the mineral oil placebo and the failure of recent cardiovascular outcome trials to demonstrate meaningful cardiovascular benefit from reduction in triglyceride levels. On this news, Amarin shares fell $3.16 per share, or more than 61%, to close at $2.01 on October 17, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
SOURCEPomerantz Grossman Hufford Dahlstrom & Gross LLP
