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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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. 

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs