SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Amarin Corporation, plc of Class Action Lawsuit and
Upcoming Deadline -- AMRN
NEW YORK, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Amarin
Corporation, plc ("Amarin" or the "Company") (Nasdaq:AMRN) and certain of its
officers. The class action, filed in United States District Court, Southern
District of California, and docketed under 13-CIV-7882, is on behalf of a
class consisting of all persons or entities who purchased or otherwise
acquired securities of Amarin between August 8, 2012 and October 16, 2013 both
dates inclusive (the "Class Period"). This class action seeks to recover
damages against the Company and certain of its officers and directors as a
result of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
If you are a shareholder who purchased Amarin securities during the Class
Period, you have until January 3, 2014 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
firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Amarin is a biopharmaceutical company focused on the commercialization and
development of drugs to improve cardiovascular health. Amarin's product
development program purports to leverage its extensive experience in lipid
science and the potential therapeutic benefits of polyunsaturated fatty acids.
Presently, Amarin's lead product is Vascepa® (icosapent ethyl) capsules
("Vascepa"). Vascepa, known in scientific literature as AMR101, is a patented,
pure-EPA omega-3 fatty acid prescription product in a 1 gram capsule.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business in
general, and the prospects for FDA approval of Vascepa.Specifically,
Defendants made false and/or misleading statements, and/or failed to disclose
material facts, including: (1) the mineral oil used as the placebo in the
ANCHOR trial may not have been biologically inert, and therefore may have
skewed the results of the trial by exaggerating the efficacy of Vascepa for
the ANCHOR Indication; and (2) multiple cardiovascular outcome studies
completed after the execution of the SPA covering the ANCHOR trial with the
FDA in July 2009 failed to demonstrate that reducing triglyceride levels
(whether from intake of omega-3 fatty acids or other compounds) translates
into a meaningful cardiovascular benefit.
On October 11, 2013, the FDA released its briefing document (the, "Briefing
Document") for the EMDAC meeting scheduled for October 16, 2013. In the
Briefing Document, the FDA repeatedly expressed concern that the mineral oil
used as a placebo in the ANCHOR trial may not be biologically inert, and
therefore may have skewed the trial results by causing the efficacy of Vascepa
to be exaggerated. The Briefing Document also highlighted that, since the
signing of the SPA covering the ANCHOR trial, several cardiovascular outcome
trials had failed to demonstrate meaningful cardiovascular benefit from a
reduction in triglyceride levels, thus calling into question whether Vascepa
offers any meaningful clinical benefit to patients with high triglyceride
levels.On this news, Amarin shares fell $1.28 per share, or more than 20%, to
close at $5.09 on October 11, 2013.
On October 16, 2013, the Company disclosed that the EMDAC had voted 9 to 2
against approval of Vascepa for the ANCHOR Indication citing, among other
things, concerns surrounding the mineral oil placebo and the failure of recent
cardiovascular outcome trials to demonstrate meaningful cardiovascular benefit
from reduction in triglyceride levels.On this news, Amarin shares fell $3.16
per share, or more than 61%, to close at $2.01 on October 17, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
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 70 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.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
Press spacebar to pause and continue. Press esc to stop.