Amarin Corporation plc (ADR) Investor Lawsuit alleges Misleading Statements

Dec. 2, 2013 - PRLog -- An investor, who purchased shares of Amarin Corporation plc (ADR) , filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Amarin Corporation plc in connection with certain allegedly false and misleading statements made between July 9, 2009 through October 15, 2013

If you purchased a significant amount of shares of Amarin Corporation plc (ADR)  between July 9, 2009 through October 15, 2013, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 3, 2014. Amarin Corporation plc (ADR) (NASDAQ-AMRN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Amarin Corporation plc (ADR)  between July 9, 2009 through October 15, 2013, that Amarin Corporation plc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that the defendants misrepresented the prospects for Food and Drug Administration ("FDA") approval of Amarin's Vascepa drug for the ANCHOR indication and failed to disclose that the FDA had informed Amarin that there was a lack of prospective, controlled clinical trial data demonstrating that pharmaceutical reduction of triglycerides significantly reduces residual cardiovascular risk.

On October 11, 2013 the U.S. Food and Drug Administration (“FDA”) released its briefing documents for the October 16, 2013 advisory committee review of Amarin's application seeking expanded approval for the use of its fish oil-based drug, Vascepa, in the treatment of adult patients with high triglycerides with mixed dyslipidemia.

On October 16, 2013, Amarin Corporation plc announced that the FDA Endocrinologic and Metabolic Drugs Advisory Committee has voted 9 to 2 against approval of Vascepa® (icosapent ethyl) capsules for use as an adjunct to diet and exercise and in combination with a statin in the treatment of adult patients with high triglycerides (TG 200-499 mg/dL) with mixed dyslipidemia and coronary heart disease (CHD) or a CHD risk equivalent (the ANCHOR indication) based on the information presented at the committee meeting on October 16, 2013.

Shares of Amarin Corporation plc (ADR)  declined from $7.35 per share on October 7, 2013, to as low as $18.55 per share on October 17, 2013.

Those who purchased shares of Amarin Corporation plc (ADR) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554