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Amarin Corporation plc Class Action Lawsuit - AMRN

Company Name
Amarin Corporation plc
Stock Symbol
AMRN
Class Period
December 5, 2018 to June 21, 2021
Motion Deadline
December 23, 2021
Court
District of New Jersey
24 days left to seek lead plaintiff status

Case Summary

The Amarin class action lawsuit seeks to represent purchasers of Amarin Corporation plc (NASDAQ: AMRN) securities between December 5, 2018 and June 21, 2021, inclusive (the “Class Period”) and charges Amarin as well as certain of its top executives with violations of the Securities Exchange Act of 1934.  The Amarin class action lawsuit was commenced on October 21, 2021 in the District of New Jersey and is captioned Dang v. Amarin Corporation plc, No. 21-cv-19212.

If you wish to serve as lead plaintiff of the Amarin class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Amarin class action lawsuit must be filed with the court no later than December 23, 2021.

CASE ALLEGATIONS: Amarin is a biopharmaceutical company whose lead product since 2008 is Vascepa® (AMR-101).  Going into the Class Period, Vascepa stood to have patent protection until 2030, when the last patent was set to expire.  At the same time, Amarin was engaged in patent litigation against applicants who submitted Abbreviated New Drug Applications (“ANDA”) for generic drug products of Vascepa – exposing the Company to real risks related to the validity and scope of coverage in its patent portfolio.

The Amarin class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) there was an increasingly high risk that certain of Amarin’s patents would be invalidated; (ii) once the court invalidated certain of Amarin’s patents, there was little to no chance of reversing that ruling; (iii) Amarin’s litigation was preventing it from effectuating a successful takeover; (iv) defendants were downplaying the true threat the ongoing ANDA litigation posed to Amarin’s business and future prospects; and (v) as a result, Amarin’s public statements were materially false and misleading at all relevant times.

On March 30, 2020, Amarin announced that “the United States District Court for the District of Nevada[] rul[ed] in favor of the generic companies in the company’s patent litigation against two filers of abbreviated new drug applications, or ANDAs, for Amarin’s VASCEPA® (icosapent ethyl) capsule franchise.”  On this news, Amarin’s share price fell by more than 70%.

Then, on September 2, 2020, the U.S. Court of Appeals for the Federal Circuit held an oral argument for Amarin’s patent litigation.  The following day, the Federal Circuit affirmed the district court’s ruling.  As the oral argument had progressed and the Federal Circuit’s ruling had become known to investors, Amarin’s share price fell by more than 34%.

Thereafter, on April 12, 2021, Amarin announced the retirement of Amarin’s President and CEO, defendant John F. Thero.  On this news, Amarin’s share price fell by more than 14%.

Finally, on June 21, 2021, investors learned “that the Supreme Court rejected the company’s bid to revive Vascepa patents.”  On this news, Amarin’s share price fell an additional 8.3%, further damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Amarin securities during the Class Period to seek appointment as lead plaintiff in the Amarin class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Amarin class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Amarin class action lawsuit.  An investor’s ability to share in any potential future recovery of the Amarin class action lawsuit is not dependent upon serving as lead plaintiff. 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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