NEW YORK, December 2, 2021 / PRNewswire / – 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 of the District of New Jersey, and registered as 21-cv-19911, is in the name of a class consisting of all persons and entities other than Defendants who have purchased or otherwise acquired Amarin securities between December 5, 2018 and June 21, 2021, inclusive (the “Class Period”), seeking to recover damages caused by Defendants violating federal securities laws and to pursue remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated hereunder by the Securities and Exchange Commission.
If you are a shareholder who purchased securities of Amarin during the Class Period, you have up to December 21, 2021 ask the court to appoint you as the principal plaintiff for the group. 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. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
Amarin is a biopharmaceutical company whose flagship product since 2008 is Vascepa® (AMR-101) (“Vascepa”), a prescription-grade ultra-pure omega-3 fatty acid derived from fish oil. In July 2012, the United States Food and Drug Administration (“FDA”) first approved Vascepa to treat patients with very high levels of triglycerides (“TG”), a type of fat found in the blood, and in december 2019, expanded the label to include reduction in cardiovascular disease events, including heart attacks, strokes and cardiovascular deaths in high-risk patients.
To protect its market share, Amarin has applied for and obtained dozens of US patents related to Vascepa, in particular for its formulation and method of use. Indeed, at the start of the recourse period, Vascepa was to benefit from patent protection until 2030, when the last patent was to expire. At the same time, Amarin was engaged in patent litigation against applicants who had submitted Abbreviated New Drug Applications (“ANDA”) for Vascepa’s generic drug products, exposing the Company to real risks associated with the drug. validity and extent of coverage of its patent portfolio.
The complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operational and compliance policies. 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 the district court invalidated some of Amarin’s patents, 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 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.
After the markets close on March 30, 2020, the defendants have partially revealed the truth about the strength of Amarin’s patent portfolio. On that day, the Company announced that “United States District Court of the District of from Nevada govern[ed] in favor of generics in the company’s patent litigation against two Abbreviated New Drug Applicants, or ANDA, for the Amarin VASCEPA® (icosapent ethyl) capsule franchise. “
On this news, Amarin’s share price fell more than 70.5% to close at $ 4.00 to March 31, 2020, on a large volume of transactions.
Analysts acknowledged that investors were starting to learn about the weaknesses in the patent protection the company had touted. As In search of the alpha (“SA”) editor-in-chief Stephen alpher noted in an article titled “Amarin dives after court ruling on Vascepa” on March 30, 2020, the company “has lost its battle for patents against generics.”
To allay investor concerns, defendant Thero reassured that “[w]I believe we are in a favorable position to obtain an injunction against the launch of generics pending appeal, subject to our posting of a bond to guarantee the lost profits of the generics in the event that the generics prevail on appeal. outlook, boasting that the company was pursuing its application for further regulatory approval in other countries. As a result, investors saw the potential for a takeover of key Amarin patents and always believed the company was a viable target for mergers and acquisitions.
Then from 10:00 a.m.ET to September 2, 2020, the United States Court of Appeals for the Federal Circuit held oral argument in the company’s patent litigation. The next day, the federal circuit confirmed the decision of the district court.
As the pleading progressed and the Federal Circuit decision became known to investors, Amarin’s share price fell more than 34.5% to close at $ 4.30 to September 4, 2020, on a high volume of trade, as the truth about the company’s patent portfolio continued to emerge.
As editor-in-chief of SA Douglas W. noted on September 2, 2020, “The arguments of lawyers representing the company are not going very well. Shares are down 27% to almost 7 times the volume after a 2.5 hour session.” Another SA analyst also noted on September 6, 2020, “Amarin’s actions were beaten this week during the appeal hearing and especially after the adverse decision was rendered on September 3. “
Despite the loss on appeal, the Company continued to assure investors of the strength of its patent portfolio. At September 3, 2020, the Company issued a press release indicating that it would file a petition with the United States Supreme Court for a in bench review of the Federal Circuit decision and “continue to seek additional regulatory approvals for VASCEPA in China, Europe and the other countries of Middle East. “The Company further stated that”[g]geographies outside United States in which VASCEPA is sold and subjected to regulatory scrutiny are not subject to such litigation and judgment. No generic litigation is pending outside United States. “As a result, the market still believed that the Company was a desirable and well-positioned target for a successful takeover.
Then on April 12, 2021, Amarin announced the retirement of the accused Thero as President and CEO and the appointment of the Company’s Senior Vice President (“SVP”) and Commercial Director of Europe, Karim mikhail (“Mikhail”), as his successor, effective August 1, 2021. In announcing the “CEO succession plan,” the company pointed out that previously Mikhail had been “responsible for reversing [Merck’s] decline in the US and global market, accelerating the revenues of a $ 380 million through the launch of ATOZET and growth in EBITDA through international expansion. Previously, Mr. Mikhail successfully led the commercial launch of dozens of products, including ezetimibe and various molecules for diabetes, hypertension, immunology and oncology, and was Marketing Director of Merck for Europe, Middle East and Africa and COO for Emerging Markets. “
Following this news, the Company’s share price fell more than 14.3% to close at $ 5.08 to April 13, 2021, on a large volume of transactions.
As one analyst explained on April 12, 2021, Amarin “[i]Investors might be disappointed with the transition and that it might signal no near-term M&A on the table (which is the clear and primary bullish case for the stock). “However,” the strategic movement could finally unlock the [C]enterprise value ‘because, as indicated on April 13, 2021, by another analyst, while the accused Thero “deserves some credit for overseeing the completion of the landmark REDUCE-IT trial, he must also take responsibility for their legal failures, disappointing sales performance and of the share price “. For the “new era”, Mikhail “brings with him substantial relations in Europe of his time with Merck. “
Despite the defendants’ constant assurances about the strength of Amarin’s patent portfolio and its ability to vigorously defend this essential asset, the 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% to close at $ 4.54 to June 23, 2021, on a large volume of transactions.
Pomerantz LLP, with offices in new York, Chicago, Los Angeles, Paris, and Tel Aviv, is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
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SOURCE Pomerantz LLP