NEW YORK, April 9, 2019 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Amarin Corporation plc ("Amarin" or the "Company") (NASDAQ: AMRN) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and indexed under 19-cv-08423, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired the publicly traded securities of Amarin Corporation plc ("Amarin" or the "Company") between September 24, 2018 and November 9, 2018 (the "Class Period"), who were damaged thereby seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Amarin securities between September 24, 2018, and November 9, 2018, both dates inclusive, you have until April 23, 2019, 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 [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Amarin is a biotechnology company. Amarin's REDUCE-IT cardiovascular outcomes study commenced in 2011. It enrolled and followed 8,179 randomized patients, and was conducted based on a special protocol assessment agreement with the United States Food and Drug Administration ("FDA").
REDUCE-IT was the first global cardiovascular outcomes study to prospectively evaluate the effect of Vascepa, or any therapy, in adult patients with both LDL-cholesterol ("LDL-C") controlled to between 41-100 mg/dL (median baseline 75 mg/dL) by statin therapy and various cardiovascular risk factors, including persistent elevated triglycerides ("TGs") between 150-499 mg/dL (median baseline 216 mg/dL). In addition, the primary prevention cohort had diabetes mellitus and at least one other cardiovascular risk factor, while the secondary prevention cohort had established cardiovascular disease.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the top-line results Amarin touted about its REDUCE-IT trial for Vascepa were not as positive as the company represented; (2) the placebo given to patients in the control arm of REDUCE-IT may have increased the incidence of cardiovascular events in those patients; (3) as a result, Amarin's public statements were materially false and misleading at all relevant times.
On November 10, 2018, scientists that conducted the REDUCE-IT trial presented the full results of that study at the Scientific Sessions of the American Heart Association in Chicago, Illinois. In that presentation, the scientists disclosed for the first time "bad" LDL cholesterol levels rose three percent in the Vascepa patients and ten percent in the placebo patients. Other markers of blood fat were also higher in the placebo patients. These data raised concerns that the mineral oil placebos might be interfering with the background regimen of cholesterol-lowering statins that all the patients in the study were taking. The 10% increase in LDL cholesterol might have led to more adverse cardiovascular events among placebo patients.
As a result of these disclosures, the price of Amarin's common stock dropped from $21.05 per share to $15.38 per share in two trading days, a decrease of approximately 27%.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 80 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
Robert S. Willoughby
SOURCE Pomerantz LLP