Amarin Corporation plc

Investigation
10/21/2021

Initial Lawsuit
10/21/2021

Lawsuit Progression
12/23/2021

Investigation

Continous Holding
December 5, 2018 to June 21, 2021
Proposed Claim
Securities Violation

Investigation regarding Amarin’s statements about its patent litigation against applicants submitting abbreviated new drug applications for generic drug products of Vascepa, related takeover opportunities and their impact on the company financials.

Main Event

Patent Litigation Ruling - Amarin's Take

03/30/2020

SEC Filing

Amarin comments on the United States District Court for the District of Nevada’s ruling 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.

“Based on Amarin’s review of U.S. Food and Drug Administration’s (FDA’s) website, an ANDA for VASCEPA has not been approved, which would be required for launch of a generic product in the United States. The company thus does not believe there is an impending generic launch by the litigants that would compete with VASCEPA at this time.
Amarin strongly disagrees with the ruling and will vigorously pursue all available remedies, including an appeal of the Court’s decision and a preliminary injunction pending appeal to, if an ANDA is approved by FDA, prevent launch of generic versions of VASCEPA in the United States,” said John F. Thero, president and chief executive officer of Amarin.“

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$4.00	$13.58	$-9.58	-70.55%

See more on Factual Timeline

Initial Lawsuit

This is a federal securities class action on behalf of all persons and entities who purchased or otherwise acquired Amarin securities between December 5, 2018 and June 21, 2021, inclusive.

Filing Date
10/21/2021
Class Period
12/05/2018 to 06/21/2021
Transgression
Securities Violation
Filing Firms
Roche Freedman LLP
The Schall Law Firm
Edward Y. Kroub P.C.
Case Title
Dang v. Amarin Corporation Plc
Docket Number
3:21-cv-19212
Court
New Jersey District Court
Free File
Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(i) there was an increasingly high risk that certain of Amarin’s patents would be invalidated;
(ii) the company’s litigation was preventing it from effectuating a successful takeover;
(iii) defendants were downplaying the true threat the ongoing ANDA litigation posed to the company’s business and future prospects; and
(iv) as a result, the company’s public statements were materially false and misleading at all relevant times.