LOS ANGELES–(COMMERCIAL THREAD) – Law firm Schall and Roche Freedman LLP today announced 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 group of investors who have 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”). The plaintiff seeks to recover compensable damages caused by the breaches by the defendants of Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and of rule 10b-5 enacted under of it.
If you are a shareholder who purchased securities of Amarin during the Class Period, you have until December 21, 2021 to propose to the Court to serve as Principal Plaintiff. If you have suffered a loss on your Amarin investments or would like to inquire about the possibility of pursuing claims to recover your loss under 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 [email protected]
Amarin is a biopharmaceutical company whose flagship product since 2008 is Vascepa®, a prescription-grade ultra-pure omega-3 fatty acid derived from fish oil. The complaint alleges that throughout the period of the action, the defendants made materially false and misleading statements and / or failed to disclose material adverse facts regarding Amarin’s business and patent portfolio. Specifically, the defendants made false and misleading statements and / or failed to disclose that: (i) there was an increasing risk that some of Amarin’s patents would be invalidated; (ii) once some of Amarin’s patents were invalidated by the United States District Court for the District of Nevada, there was little or no chance of reversing that decision; (iii) the Company’s litigation prevented it from effecting a successful takeover; (iv) the defendants downplayed the real threat that the ongoing Abbreviated New Drug Application (“ANDA”) litigation posed to the Company’s business and future prospects; and (v) accordingly, the Company’s public statements were materially false and misleading at all material 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[ed] in favor of generic manufacturers in the company’s patent litigation against two applicants of … ANDA … for the franchise of Amarin VASCEPA® (icosapent ethyl) capsules. Following this news, the company’s share price fell more than 70.5% due to high volume of transactions.
On September 2, 2020, as the Federal Circuit Court of Appeals heard oral arguments for Amarin’s patent litigation and, the next day, upheld the district court’s decision, the course of action of the company fell more than 34.5% on a large trading volume.
Then, on April 12, 2021, Amarin announced the retirement of defendant John F. Thero, president and CEO of the company. Following this news, the Company’s share price fell more than 14.3% to close at $ 5.08 on April 13, 2021, due to high trading volume.
Finally, on June 21, 2021, investors learned “that the Supreme Court has rejected the [C]the company’s offer to revive the Vascepa® patents. Following this news, Amarin’s share price fell 8.3% due to high trading volume.
If you have purchased or otherwise acquired securities of Amarin during the Recourse Period, you may apply to the Court no later than 60 days from this notice ask the court to appoint you as the principal plaintiff. The Group, in this case, has not yet been certified, and until certification occurs, you are not represented by a lawyer. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Brian Schall of Schall Law Firm, 1880 Century Park East, Suite 404 , Los Angeles, CA 90067, at 310-301-3335, by email at [email protected], or on the firm’s website at www.schallfirm.com.
Join the case to recoup your losses.
Schall law firm represents investors around the world and specializes in securities class actions and shareholder rights litigation.
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