Amarin Corporation plc
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Amarin Corporation plc. (“Amarin” or the “Company”) (NASDAQ: AMRN) securities from December 5, 2018 through June 21, 2021, inclusive (the “Class Period”). Investors have until December 23, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Amarin is a biopharmaceutical company whose lead 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 U.S. Food and Drug Administration (“FDA”) first approved Vascepa to treat patients with very high levels of triglycerides (“TG”), a type of fat found in blood, and in December 2019, expanded the label to include the reduction of cardiovascular disease events, including heart attack, stroke and cardiovascular death, in high-risk patients.
On March 30, 2020, after the markets closed, Defendants partially revealed the truth about the strength of Amarin’s patent portfolio. That day, the Company announced that “the United States District Court for the District of Nevada rul[ed] in favor of the generic companies in the [C]ompany’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 declined by $9.58 per share, or approximately 70.5%, from $13.58 per share to close at $4.00 per share on March 31, 2021.
Then, on April 12, 2021, Amarin announced the retirement of Defendant Thero as President and CEO and the appointment of the Company’s Senior Vice President (“SVP”) and Head of Commercial for Europe, Karim Mikhail, as his successor, effective August 1, 2021. In announcing the “CEO Succession Plan,” the Company highlighted that previously, Mr. Mikhail had been “responsible for reversing [Merck’s] decline in the U.S. market and globally, accelerating revenue by an additional $380 million through the launch of ATOZET and driving EBITDA growth through international expansion. Prior to that, Mr. Mikhail led the successful commercial launch of dozens of products, including ezetimibe and various molecules in diabetes, hypertension, immunology, and oncology, and served as Merck’s chief marketing officer for Europe, Middle East and Africa and chief operating officer for emerging markets.” On this news, Amarin’s share price declined by $0.76 per share, or approximately 13%, from $5.84 per share to close at $5.08 per share on April 13, 2021.
Despite Defendants’ consistent reassurances in the strength of Amarin’s patent portfolio and its abilities to vigorously defend this critical asset, on June 21, 2021, investors learned “that the Supreme Court rejected the [C]ompany’s bid to revive Vascepa patents.” On this news, Amarin’s share price declined by $0.15 per share, or approximately 3.2%, from $4.70 per share to close at $4.55 per share on June 23, 2021.
The lawsuit alleges throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose material adverse facts about Amarin’s business and patent portfolio. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (i) there was an increasingly high risk that certain of Amarin’s patents would be invalidated; (ii) once certain of Amarin’s patents were invalidated by the United States District Court for the District of Nevada, there was little to no chance of reversing that ruling; (iii) the Company’s litigation was preventing it from effectuating a successful takeover; (iv) Defendants were downplaying the true threat of the ongoing Abbreviated New Drug Application (“ANDA”) litigation posed to the Company’s business and future prospects; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.