PDF

Amarin Corporation plc

27 days left to seek lead plaintiff status

Case Summary

Company Name
Amarin Corporation plc
Stock Symbol
AMRN
Class Period
September 24, 2018 to November 9, 2018
Motion Deadline
April 23, 2019
Court
District of New Jersey

The complaint charges Amarin and certain of its officers with violations of the Securities Exchange Act of 1934.  Amarin is a pharmaceutical company focused on developing therapeutics to improve cardiovascular health.  Amarin’s product development program leverages its experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids.

Vascepa® (icosapent ethyl) is Amarin's first FDA-approved drug for the treatment of cardiovascular disease.  The REDUCE-IT cardiovascular outcomes study commenced in 2011 to evaluate the effect of Vascepa, or any therapy, in adult patients with LDL-cholesterol (“LDL-C”) controlled to between 41-100 mg/dl by statin therapy and various cardiovascular risk factors, including persistent elevated triglycerides. The REDUCE-IT study tested whether additional cardiovascular risk reduction beyond LDL-C controlled with statin therapy could be achieved in high-risk patients with the putative cardioprotective effects of 4 grams/day of Vascepa.

The complaint alleges that during the Class Period, defendants made false and misleading statements about the REDUCE-IT trial for Vascepa, including that the top-line results from the trial were not as positive as the Company had represented and the placebo given to patients in the control arm of the REDUCE-IT trial may have increased the incidence of cardiovascular events in those patients.  As a result of defendants’ misrepresentations regarding the REDUCE-IT trial and Vascepa, Amarin securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of more than $23 per share.

Then on November 10, 2018, the scientists that conducted the REDUCE-IT trial presented the full results at the Scientific Session of the American Heart Association.  In the presentation, they disclosed for the first time that “bad” LDL-C levels had risen 3% in the Vascepa patients and 10% in the placebo patients.  This raised concerns that the mineral oil placebos might have interfered with the background regimen of cholesterol-lowering statins that all the patients in the study were taking.  The 10% increase in LDL-C might have led to more adverse cardiovascular events among placebo patients.  On the release of the full study results, the price of Amarin securities fell 27% in two trading sessions to close at $15.38 per share.

Class Period: September 24, 2018 - November 9, 2018
Main Menu