This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Attention Amarin Corporation Plc Investors: Amarin Corporation Plc Misled Investors According To A Newly Filed Class Action

SAN DIEGO and BEDMINSTER, N.J., Nov. 6, 2013 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Amarin Corporation plc (NASDAQ: AMRN) ("Amarin") has filed a federal securities fraud class action complaint in the U.S. District Court for the District of New Jersey.  The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 between July 9, 2009 and October 15, 2013 (the "Class Period").  Amarin is a biopharmaceutical company that focuses on the development and commercialization therapeutic products for the treatment of cardiovascular diseases. The company's lead product, Vascepa, is a prescription-only product designed to help reduce triglyceride levels in adult patients with severe hypertriglyceridemia. 


Amarin Accused of Misleading Investors Regarding the Prospects for FDA Approval of Vascepa for the ANCHOR Indication

On October 11, 2013, shares of Amarin fell $1.38 per share, or 20%, to close at $5.09, after the U.S. Food and Drug Administration ("FDA") published a briefing document of its October 16, 2013 Advisory Committee Meeting.  In the document, the FDA summarized the significant doubt the agency expressed to Amarin in July 2008 that reduction of triglycerides alone evidenced an improved risk of cardiac issues.  Further, the document stated that published test results available to Amarin in 2010 demonstrated little evidence that a reduction in triglycerides alone would improve the incidence of cardiac events.

Then on October 16, 2013, the Advisory Committee rejected Amarin's New Drug Application for Vascepa for the treatment of patients with high triglyceride levels who are also on statin therapy for elevated low-density lipoprotein cholesterol.  In rejecting this so-called ANCHOR indication, the FDA adopted the position that Amarin's study was not indicative of the efficacy of the drug to reduce severe cardiac events. On this news, shares of Amarin fell an additional $3.16 per share, or 20%, to close at $2.01 per share on October 17, 2013.

According to the complaint, defendants made false and/or misleading statements and/or failed to disclose: (i) that Amarin had been informed by the FDA as early as 2008 that there was a lack of prospective, controlled clinical trial data demonstrating that pharmaceutical reduction of triglycerides significantly reduces residual cardiovascular risk; and (ii) the prospects for FDA approval of Amarin's Vascepa drug for ANCHOR indication.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,829.36 +17.17 0.10%
S&P 500 2,090.93 +1.79 0.09%
NASDAQ 5,115.92 +13.1120 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs