LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm and Roche Freedman LLP announced today that they have filed a class action lawsuit in the United States District Court for the District of New Jersey, captioned Dang v. Amarin Corporation PLC, et. al., (Case No. 21-cv-19212), on behalf of plaintiff Vincent Dang and a class consisting of investors who purchased or otherwise acquired Amarin Corporation, plc (“Amarin” or “the Company”) (NASDAQ: AMRN) securities between December 5, 2018, and June 21, 2021, inclusive (the ”Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Amarin securities during the Class Period, you have until December 21, 2021, to move the Court to serve as Lead Plaintiff. If you suffered a loss on your Amarin investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, click here to participate.
You can also contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
Amarin is a biopharmaceutical company whose lead product since 2008 is Vascepa®, a prescription grade ultra-pure omega-3 fatty acid derived from fish oil. The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose material adverse facts about Amarin’s business and patent portfolio. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (i) there was an increasingly high risk that certain of Amarin’s patents would be invalidated; (ii) once certain of Amarin’s patents were invalidated by the United States District Court for the District of Nevada, there was little to no chance of reversing that ruling; (iii) the Company’s litigation was preventing it from effectuating a successful takeover; (iv) Defendants were downplaying the true threat the ongoing Abbreviated New Drug Application (“ANDA”) litigation posed to the Company’s business and future prospects; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
The truth about the strength of Amarin’s patent portfolio was partially revealed on March 30, 2020, when the Company announced that the United States District Court for the District of Nevada had “rul[ed] in favor of the generic companies in the company’s patent litigation against two filers of … ANDAs … for Amarin’s VASCEPA® (icosapent ethyl) capsule franchise.” On this news, the Company’s share price plummeted over 70.5% on heavy trading volume.
On September 2, 2020, as the Court of Appeals for the Federal Circuit heard oral arguments for Amarin’s patent litigation, and the next day, affirmed the District Court’s ruling, the Company’s share price fell over 34.5% on heavy trading volume.
Then, on April 12, 2021, Amarin announced the retirement of Defendant John F. Thero, the Company’s President and CEO. On this news, the Company’s share price fell over 14.3% to close at $5.08 on April 13, 2021, on heavy trading volume.
Finally, on June 21, 2021, investors learned “that the Supreme Court rejected the [C]ompany’s bid to revive Vascepa® patents.” On this news, Amarin’s share price fell 8.3% on heavy trading volume.
If you purchased or otherwise acquired Amarin securities during the Class Period, you may move the Court no later than 60 days from this notice ask the Court to appoint you as lead plaintiff. The Class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, by email at email@example.com, or the firm’s website at www.schallfirm.com.
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