NEW YORK, March 15, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Amarin Corporation ("Amarin" or the "Company")(NASDAQ:AMRN) of the April 23, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Amarin stock or options between September 24, 2018 and November 9, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/AMRN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the New Jersey on behalf of all those who purchased Amarin securities between September 24, 2018 and November 9, 2018 (the "Class Period"). The case, Sharma v. Amarin Corporation, PLC et al., No. 19-cv-06601 was filed on February 22, 2019, and has been assigned to Brian R. Martinotti.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements regarding its REDUCE-IT study. The placebo given to patients in the study's control arm may have increased the incidence of cardiovascular events in those patients, thus making Vascepa appear more effective than it actually was.
On November 10, 2018, scientists that conducted the REDUCE-IT trial presented the full results of that study at the Scientific Sessions of the American Heart Association in Chicago, Illinois. In that presentation, the scientists disclosed for the first time "bad" LDL cholesterol levels rose three percent in the Vascepa patients and ten percent in the placebo patients. Other markers of blood fat were also higher in the placebo patients.
On this news, Amarin's share price fell from $21.05 per share on November 9, 2018 to a closing price of $15.38 on November 13, 2018: a $5.67 or a 26.94% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Amarin's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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