Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Amarin Corporation Plc

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.

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