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
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Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected], 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.
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