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Amarin Provides Update to Preliminary 2019 Results and Further Details on 2020 Outlook

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Unaudited Full-Year 2019 Net Total Revenue Estimated At or Slightly Above Upper-End of Prior Guidance of $410 to $425 Million

U.S. Sales Force Expansion On-Track for Doubling to 800 Sales Professionals in Early 2020

Full-Year 2020 Net Total Revenue Guidance Reiterated at $650 to $700 Million,  Predominately from U.S. Sales of VASCEPA®

DUBLIN, Ireland and BRIDGEWATER, N.J., Jan. 07, 2020 — Amarin Corporation plc (NASDAQ:AMRN), today provided a business update, including an update of preliminary 2019 results and additional 2020 financial guidance.  Amarin plans to discuss these results and expectations with investors in connection with the 38th Annual J.P. Morgan Healthcare Conference in San Francisco, California, at which Amarin is scheduled to present on Wednesday, January 15, 2020, at 10:30 a.m. Pacific Time (PT) / 1:30 p.m. Eastern Time (ET).

Preliminary (unaudited) 2019 Financial Results

Record Revenue Levels: 2019 net total revenue, subject to audit, are expected to be at or potentially slightly above the upper-end of the company’s previously expressed guidance of $410 to $425 million, this upper end representing an increase of ~85% over 2018 results. Net total revenue consists predominantly of U.S. sales driven by increased prescriptions for VASCEPA® (icosapent ethyl) capsules. Wholesaler inventory levels of VASCEPA were within normal industry ranges at the end of 2019.

Current Assets: Amarin ended 2019 with approximately $645 million in cash, approximately $117 million in net accounts receivable and approximately $76 million in inventory.

No Debt, Except Remaining Balance of Royalty-Bearing Instrument: Amarin ended 2019 with no debt except the remaining balance on its royalty-bearing instrument which is repaid at a rate of 10% of VASCEPA revenue until this royalty-like obligation is fulfilled; aggregate repayment of less than $55 million remained as of December 31, 2019.

2020 Financial and Operational Guidance

On December 13, 2019, Amarin announced the approval of VASCEPA as the first and only drug with an FDA-approved indication for reducing cardiovascular risk in patients with persistent high cardiovascular risk despite statin therapy as studied in the REDUCE-IT® cardiovascular outcomes study. With this new indication, Amarin aims to help millions of patients through aggressively launching VASCEPA in the United States while exploring additional international opportunities.

Amarin is increasing its United States sales force to 800 sales representatives, up from 400 in most of 2019. Health professional targets will be expanded from approximately 50,000 to a planned 75,000 physicians along with planned increased frequency in the number of calls to these targets. The hiring of the expanded sales team is well underway as more than two-thirds of the new sales representatives are hired and in the process of being trained. The remaining sales professionals are targeted to be hired in January or early February 2020.  While trained sales representatives are already in the field with the new label for VASCEPA, the company’s national sales launch meeting is scheduled for next week, after which the sales team will be more fully trained and more prepared for field promotion.

In addition, Amarin is training select physicians to present VASCEPA to their peers and sponsoring various medical education programs that cover VASCEPA starting this month.

While Amarin anticipates revenue growth to be stimulated by such activities, it is common for patients who are candidates for VASCEPA to visit their physicians only once, sometimes twice, annually.  As a result, similar to the experience of other therapies for treating chronic conditions, we do not anticipate prescription rates for VASCEPA to spike upwardly immediately. In addition, historically, the first calendar quarter of each year has started relatively slowly due to a number of recurring seasonal factors that have also affected similarly situated prescription therapies.

Branded direct-to-consumer (DTC) promotion of VASCEPA for cardiovascular risk reduction is subject to separate FDA approval which Amarin anticipates receiving by mid-2020 (submission was not possible until after the new label for VASCEPA was approved).  Based on results shown for other products, such DTC promotion when launched is anticipated to further accelerate VASCEPA revenue growth. Until such branded DTC promotion is permitted, the company anticipates various programs to increase awareness and remind physicians and consumers that previously approved therapies are insufficient to address persistent cardiovascular risk for many patients.

2020 Revenue Guidance: Amarin anticipates total net revenue in 2020 will be in a range of $650 to $700 million, mostly from sales of VASCEPA in the United States.  The guidance remains unchanged from the total net revenue guidance issued by the company on December 13, 2019.

Beyond 2020, Amarin reiterates that it believes that VASCEPA total net revenue will grow to reach multiple billions of dollars.  The history of other therapies for chronic conditions suggests that growth builds over multiple years.  At this time, the company is not providing guidance regarding annual revenue levels beyond 2020.

Inventory Purchases: Because the rate of VASCEPA revenue growth is difficult to predict, in 2020 Amarin intends to spend approximately $250 million on inventory purchases, which is approximately twice the amount spent for inventory purchases in 2019.  Such planned purchases do not change Amarin’s revenue guidance. Rather, the company believes they prepare Amarin, together with existing inventory, for a situation in which actual revenue turns out to be significantly higher than the revenue guidance described above.  One of the important features of VASCEPA is the product’s stability achieved through the expert manufacturing of its fragile single-active ingredient.  This stability achievement presents limited financial risk of over-purchasing VASCEPA inventory as the product has demonstrated stability supporting approved commercial expiry dating through four years.  

Spending and Net Cash Flow: Currently, Amarin anticipates operating expenses in 2020 to increase approximately $200 to $250 million over 2019 levels. Included in these amounts are previously described increased costs associated with the company’s planned expansion of its sales team and REDUCE-IT promotional activities, including direct-to-consumer advertising. In the event that net product revenue grows faster than expected, selling, general and administrative (SG&A) expenses may be higher than reflected in this operating expense guidance.

Amarin, after being cash flow positive in the second and third quarters of 2019, had net cash outflow of approximately $28 million in the fourth quarter of 2019 reflecting the expansion of the company’s sales force and other costs associated with the new FDA-approved label for VASCEPA and the U.S. launch of this new label.  Amarin anticipates starting 2020 with net cash outflows as it completes its sales force expansion and as these sales representatives become productive and other forms of expanded promotion take hold. On a steady-state basis, including the expanded sales force size, but excluding incremental purchases to build inventory and incremental spending for launch-level DTC, Amarin estimates that it needs approximately $150 million in quarterly net revenue to collect adequate cash to achieve cashflow breakeven.  During the ramp-up phase, including the estimated higher cash outflow levels for inventory build and DTC launch of a new indication, Amarin estimates that approximately $200 million in quarterly net revenue is required to generate required cash collections to achieve cashflow breakeven. Above these breakeven levels, additional cash inflows should be net positive. Amarin reiterates that it believes that its current cash resources are adequate to reach positive net cash flow based on VASCEPA following its launch for its new FDA-approved cardiovascular risk reduction indication and reiterated that such spending levels are likely to vary quarterly.  Amarin will consider added promotion as well as further sales force expansion if the pace of revenue growth exceeds expectations and if such added promotion can be reasonably predicted to pay for itself on a reasonably prompt basis.

International: Internationally, Amarin currently has three partners for commercialization of VASCEPA in select geographies and intends to consider potential additional partners to commercialize VASCEPA in other parts of the world. Amarin’s partner HLS received approval of VASCEPA from Health Canada on December 31, 2019.  In the Middle East, Amarin’s partner Biologix, received approval for VASCEPA in two countries, Lebanon and the United Arab Emirates, with additional approvals in the region requested. In the Greater China region, Amarin’s partner, Eddingpharm, continues to run the biomarker focused clinical study of VASCEPA. The pace of patient enrollment in this trial has been increasing, positioning that study for potential completion in 2020, with the intention of making VASCEPA the first approved prescription drug of its type in Mainland China and other markets in that region. With respect to commercialization partners for VASCEPA in other geographies, Amarin intends to continue to be receptive to inquiries from qualified companies.

Comment from Amarin’s President and CEO

“Early feedback from physicians and medical societies has been positive regarding the new indication for VASCEPA,” commented John F. Thero, president and chief executive officer. “Publications from both the AHA and ACC listed icosapent ethyl in their top cardiovascular news lists for 2019, a particularly major accomplishment as icosapent ethyl was on these lists for 2018 as well. With extraordinary employees, broad support from leading physicians, good payor coverage, a large patient need, and the only approved indication to address this need, Amarin commences 2020 with confidence and focus. Our aim is to make VASCEPA a new standard of care for the benefit of millions of patients.”

Amarin will provide further details regarding its 2019 results and plans to provide further outlook for 2020 in connection with the company’s annual report on Form 10-K when filed near the end of February 2020.

About Amarin

Amarin Corporation plc is a rapidly growing, innovative pharmaceutical company focused on developing and commercializing therapeutics to cost-effectively improve cardiovascular health. Amarin’s lead product, VASCEPA® (icosapent ethyl), is available by prescription in the United States, Lebanon and the United Arab Emirates, and is expected to be available in Canada through an anticipated February 2020 commercial launch. Amarin, together with its commercial partners in select geographies, is pursuing additional regulatory approvals for VASCEPA in China, the European Union and the Middle East. For more information about Amarin, visit www.amarincorp.com.

About Cardiovascular Disease

Cardiovascular disease is an enormous and growing medical issue worldwide.1,2 In the United States alone, a heart attack, stroke, death or other major cardiovascular event is experienced every 14 seconds.2,3

Controlling bad cholesterol, also known as LDL-C, is one way to reduce a patient’s risk of experiencing a cardiovascular event. However, even with the achievement of target LDL-C levels, millions of patients still have significant and persistent cardiovascular risk, especially those patients with high triglycerides. Statin therapy has been shown to control LDL-C, thereby reducing the risk of cardiovascular events by 25-35% – but that still leaves 65-75% of risk remaining.4 People with high triglycerides have 35% more cardiovascular events compared to people with normal (in range) triglycerides taking statins.5,6,7

About VASCEPA® (icosapent ethyl) Capsules

VASCEPA (icosapent ethyl) capsules are the first-and-only prescription treatment approved by the FDA comprised solely of the active ingredient, icosapent ethyl (IPE), a unique form of eicosapentaenoic acid. VASCEPA was initially launched in the United States in 2013 based on the drug’s initial FDA approved indication for use as an adjunct therapy to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Since launch, VASCEPA has been prescribed over eight million times and is covered by most major medical insurance plans. The new, cardiovascular risk indication for VASCEPA was approved by the FDA in December 2019.

Indications and Limitation of Use

VASCEPA is indicated:

  • As an adjunct to maximally tolerated statin therapy to reduce the risk of myocardial infarction, stroke, coronary revascularization and unstable angina requiring hospitalization in adult patients with elevated triglyceride (TG) levels (≥ 150 mg/dL) and º established cardiovascular disease or º diabetes mellitus and two or more additional risk factors for cardiovascular disease.
  • As an adjunct to diet to reduce TG levels in adult patients with severe (≥ 500 mg/dL) hypertriglyceridemia.

The effect of VASCEPA on the risk for pancreatitis in patients with severe hypertriglyceridemia has not been determined.

Important Safety Information

  • VASCEPA is contraindicated in patients with known hypersensitivity (e.g., anaphylactic reaction) to VASCEPA or any of its components.
  • VASCEPA was associated with an increased risk (3% vs 2%) of atrial fibrillation or atrial flutter requiring hospitalization in a double-blind, placebo-controlled trial. The incidence of atrial fibrillation was greater in patients with a previous history of atrial fibrillation or atrial flutter.
  • It is not known whether patients with allergies to fish and/or shellfish are at an increased risk of an allergic reaction to VASCEPA. Patients with such allergies should discontinue VASCEPA if any reactions occur. 
  • VASCEPA was associated with an increased risk (12% vs 10%) of bleeding in a double-blind, placebo-controlled trial. The incidence of bleeding was greater in patients receiving concomitant antithrombotic medications, such as aspirin, clopidogrel or warfarin.
  • Common adverse reactions in the cardiovascular outcomes trial (incidence ≥3% and ≥1% more frequent than placebo): musculoskeletal pain (4% vs 3%), peripheral edema (7% vs 5%), constipation (5% vs 4%), gout (4% vs 3%), and atrial fibrillation (5% vs 4%).
  • Common adverse reactions in the hypertriglyceridemia trials (incidence >1% more frequent than placebo): arthralgia (2% vs 1%) and oropharyngeal pain (1% vs 0.3%).
  • Adverse events may be reported by calling 1-855-VASCEPA or the FDA at 1-800-FDA-1088.
  • Patients receiving VASCEPA and concomitant anticoagulants and/or anti-platelet agents for bleeding should be monitored.

Key clinical effects of VASCEPA on major adverse cardiovascular events are included in the Clinical Studies section of the prescribing information for VASCEPA, as set forth below:

Effect of VASCEPA on Time to First Occurrence of Cardiovascular Events in Patients with Elevated Triglyceride levels and Other Risk Factors for Cardiovascular Disease in REDUCE-IT

  VASCEPA Placebo VASCEPA vs Placebo
N = 4089 n (%) Incidence Rate (per 100 patient years) N = 4090 n (%) Incidence Rate (per 100 patient years) Hazard Ratio (95% CI)
Primary composite endpoint
Cardiovascular death, myocardial infarction, stroke, coronary revascularization, hospitalization for unstable angina (5-point MACE) 705 (17.2) 4.3 901 (22.0) 5.7 0.75 (0.68, 0.83)
Key secondary composite endpoint
Cardiovascular death, myocardial infarction, stroke (3-point MACE) 459 (11.2) 2.7 606 (14.8) 3.7 0.74 (0.65, 0.83)
Other secondary endpoints
Fatal or non-fatal myocardial infarction 250 (6.1) 1.5 355 (8.7) 2.1 0.69 (0.58, 0.81)
Emergent or urgent coronary revascularization 216 (5.3) 1.3 321 (7.8) 1.9 0.65 (0.55, 0.78)
Cardiovascular death [1] 174 (4.3) 1.0 213 (5.2) 1.2 0.80 (0.66, 0.98)
Hospitalization for unstable angina [2] 108 (2.6) 0.6 157 (3.8) 0.9 0.68 (0.53, 0.87)
Fatal or non-fatal stroke 98 (2.4) 0.6 134 (3.3) 0.8 0.72 (0.55, 0.93)
[1] Includes adjudicated cardiovascular deaths and deaths of undetermined causality. [2] Determined to be caused by myocardial ischemia by invasive/non-invasive testing and requiring emergent hospitalization.

FULL VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT WWW.VASCEPA.COM.

Forward-Looking Statements

This press release contains forward-looking statements, including expectations regarding prescription growth and revenue growth from sales of VASCEPA; expectations that REDUCE-IT results could lead to a new treatment paradigm in the patient population studied; expectations regarding managed care coverage for VASCEPA; expectations regarding levels of operating spending and levels of inventory purchases and plans for commercial and international expansion. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. In addition, Amarin’s ability to effectively commercialize VASCEPA will depend in part on its ability to continue to effectively finance its business, efforts of third parties, its ability to create market demand for VASCEPA through education, marketing and sales activities, to achieve market acceptance of VASCEPA, to receive adequate levels of reimbursement from third-party payers, to develop and maintain a consistent source of commercial supply at a competitive price, to comply with legal and regulatory requirements in connection with the sale and promotion of VASCEPA and to maintain patent protection for VASCEPA. Among the factors that could cause actual results to differ materially from those described or projected herein include the following: uncertainties associated generally with research and development, clinical trials and related regulatory approvals; the risk that sales may not meet expectations and related cost may increase beyond expectations; the risk that patents may not be determined to be infringed or upheld in patent litigation and applications may not result in issued patents sufficient to protect the VASCEPA franchise. A further list and description of these risks, uncertainties and other risks associated with an investment in Amarin can be found in Amarin’s filings with the U.S. Securities and Exchange Commission, including its most recent quarterly report on Form 10-Q. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Amarin undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Availability of Other Information About Amarin

Investors and others should note that Amarin communicates with its investors and the public using the company website (www.amarincorp.com), the investor relations website (investor.amarincorp.com), including but not limited to investor presentations and investor FAQs, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that Amarin posts on these channels and websites could be deemed to be material information. As a result, Amarin encourages investors, the media, and others interested in Amarin to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on Amarin’s investor relations website and may include social media channels. The contents of Amarin’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.

Amarin Contact Information

Investor Inquiries:  Elisabeth Schwartz Investor Relations Amarin Corporation plc In U.S.: +1 (908) 719-1315  [email protected]

Lee M. Stern Solebury Trout In U.S.: +1 (646) 378-2992  [email protected]

Media Inquiries:  Gwen Fisher Corporate Communications Amarin Corporation plc In U.S.: +1 (908) 325-0735  [email protected]

______________________________

References

1 American Heart Association. Heart Disease and Stroke Statistics – 2019 Update: A Report from the American Heart Association. Published January 31, 2019.  2 American Heart Association / American Stroke Association. 2017. Cardiovascular disease: A costly burden for America projections through 2035.  3 American Heart Association: Heart Disease and Stroke Statistics — 2019 At-a-Glance.  4 Ganda OP, Bhatt DL, Mason RP, et al. Unmet need for adjunctive dyslipidemia therapy in hypertriglyceridemia management. J Am Coll Cardiol. 2018;72(3):330-343.  5 Budoff M. Triglycerides and triglyceride-rich lipoproteins in the causal pathway of cardiovascular disease. Am J Cardiol. 2016;118:138-145.  6 Toth PP, Granowitz C, Hull M, et al. High triglycerides are associated with increased cardiovascular events, medical costs, and resource use: A real-world administrative claims analysis of statin-treated patients with high residual cardiovascular risk. J Am Heart Assoc. 2018;7(15):e008740.  7 Nordestgaard BG. Triglyceride-rich lipoproteins and atherosclerotic cardiovascular disease – New insights from epidemiology, genetics, and biology. Circ Res. 2016;118:547-563.

 

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CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

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HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Odonate securities during the class period, you have until November 16, 2020, 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 [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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 LLP [email protected]

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fastly, Inc. of Class Action Lawsuit and Upcoming Deadline – FSLY

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Fastly, Inc.  (“Fastly” or the “Company”) (NYSE: FSLY) and certain of its officers.   The class action, filed in United States District Court for the Northern District of California, and docketed under 20-cv-06454, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Fastly securities between May 6, 2020, and August 5, 2020, inclusive (the “Class Period”) and were damaged thereby, seeking to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and SEC Rule 10b-5 promulgated thereunder (the “Class”).

If you are a shareholder who purchased Fastly securities during the class period, you have until October 26, 2020, 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 [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Fastly is the provider of an edge cloud platform. Fastly’s edge cloud platform purportedly enables “customers to create great digital experiences quickly, securely, and reliably by processing, serving, and securing [its] customers’ applications as close to their end-users as possible.”

The complaint alleges that during the Class Period, Defendants knowingly and/or recklessly made false and/or misleading statements about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) that Fastly’s largest customer was ByteDance, operator of TikTok, which was known to have serious security risks and was under intense scrutiny by U.S. officials; (ii) that there was a material risk that Fastly’s business would be adversely impacted should any adverse actions be taken against ByteDance or TikTok by the U.S. government; and (iii) that, as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 5, 2020, after market close, Fastly held its second quarter (“Q2”) 2020 earnings conference call. During the call, Defendants disclosed that ByteDance, the Chinese company that operates the wildly popular mobile app TikTok, was Fastly’s largest customer in Q2 2020 and that TikTok represented about 12% of Fastly’s revenue for the six months ended June 30, 2020.

This news shocked the market, as TikTok had been under heavy scrutiny by U.S. officials and others since at least late 2019 due to fears that the data it collects from its users could be accessed by the Chinese government. Indeed, on July 31, 2020, President Trump announced a plan to ban TikTok in the U.S. over national security concerns. As Fastly’s Chief Executive Officer (“CEO”) admitted on the Q2 2020 earnings call, “any ban of the TikTok app by the US would create uncertainty around our ability to support this customer[,]” and “the loss of this customer’s traffic would have an impact on our business.”

On this news, Fastly’s share price fell $19.28 per share, or approximately 17.7% from the previous trading day’s closing price of $108.92 per share, to close at $89.64 per share on August 6, 2020. Fastly’s shares continued to decline on August 6, 2020, when President Trump issued an executive order effectively banning TikTok, declining another $10.31 per share from the closing price on August 6, 2020, or approximately 11.5%, to close at $79.33 per share on August 7, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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 LLP [email protected] 888-476-6529 ext. 7980

 

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CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua...

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Nikola Corporation of Class Action Lawsuit and Upcoming Deadline – NKLA

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News9 hours ago

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fastly, Inc. of Class Action Lawsuit and Upcoming Deadline – FSLY

NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Fastly, Inc....

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News9 hours ago

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics,...

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News16 hours ago

TAGRISSO Reduced the Risk of Disease Recurrence in the Brain by 82% in the Adjuvant Treatment of Early-Stage EGFR-Mutated Lung Cancer

Results from a prespecified exploratory analysis of the positive ADAURA Phase III trial showed AstraZenecas TAGRISSO (osimertinib) demonstrated a clinically...

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News17 hours ago

Opdivo® (nivolumab) in Combination with CABOMETYX® (cabozantinib) Demonstrates Significant Survival Benefits in Patients with Advanced Renal Cell Carcinoma in Pivotal Phase 3 CheckMate -9ER Trial

Bristol Myers Squibb (NYSE: BMY) and Exelixis, Inc. (NASDAQ: EXEL) today announced the first presentation of results from the pivotal...

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News17 hours ago

ESMO 2020: Cabometyx® (cabozantinib) in Combination With Opdivo® (nivolumab) Demonstrates Significant Survival Benefits in Patients With Advanced Renal Cell Carcinoma in Pivotal Phase III CheckMate -9ER Trial

Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced the first presentation of results from the pivotal Phase III CheckMate...

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News19 hours ago

Merck’s KEYTRUDA® (pembrolizumab) Reduced the Risk of Distant Metastasis or Death by 40% Versus Placebo as Adjuvant Treatment in Resected, High-Risk Stage III Melanoma

Merck (NYSE: MRK), known as MSD outside the United States and Canada, and the European Organisation for Research and Treatment...

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News19 hours ago

Genentech Presents New Data From Multiple Phase III Studies of Tecentriq in Triple-Negative Breast Cancer at ESMO Virtual Congress 2020

Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), today announced that it presented the latest results...

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News19 hours ago

Hung Lung Group Commemorates its 60th Anniversary with Volunteer Activities across Hong Kong and Nine Mainland Cities

Close to 1,000 Volunteers Offer Caring Support to 4,500 Beneficiaries HONG KONG, Sept. 19, 2020 /PRNewswire/ — To mark the...