Robbins Arroyo LLP: Amarin Corporation plc (AMRN) Sued for Misleading Shareholders
Business Wire 15-Mar-2019 2:46 PM
Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of Amarin Corporation plc
(NASDAQ:AMRN) filed a class action complaint against the company for
alleged violations of the Securities and Exchange Act of 1934 between
September 24, 2018 and November 9, 2018. Amarin develops therapeutics
for the treatment of cardiovascular diseases in the United States.
View this information on the law firm's Shareholder Rights Blog:https://www.robbinsarroyo.com/amarin-corp-mar-19/
Amarin Accused of Misleading Investors About Its Drug Trial
According to the complaint, on September 24, 2018, Amarin issued a press
release stating that the company's REDUCE-IT cardiovascular outcomes
study had shown a 25% relative risk reduction for patients taking
Vascepa. As a result, Amarin's securities increased more than 414% that
day. What Amarin failed to share was that the placebo given to patients
in the control arm of the trial may have increased incidents of
cardiovascular events in patients, making Vascepa appear more effective
than it actually was. Less than two months later, at the Scientific
Sessions of the American Heart Association on November 10, 2018,
scientists presented the results of the REDUCE-IT trials. The scientists
finally disclosed that the placebo given to the patients may have caused
cardiovascular problems in the patients taking it, citing an increase in
"bad" LDL cholesterol. As a result, Amarin's stock price dropped nearly
27% to close at $15.38 per share on November 13, 2018.
Amarin Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190315005531/en/
