The attorneys at Kantrowitz, Goldhamer & Graifman, P.C. have filed a class action lawsuit against Amarin Corporation plc (“Amarin”), Joseph S. Zakrzewski (Amarin’s Chief Executive Officer) and John F. Thero (Amarin’s Principal Financial and Accounting Officer), in the United States District Court for the District of New Jersey.
The lawsuit is on behalf of all purchasers of American Depository Shares (“ADSs”) of Amarin (AMRN) on the open market, or pursuant to Registration Statements filed with the SEC, between July 9, 2009 and October 15, 2013.
The lawsuit claims that the defendants issued materially false and misleading statements about Amarin’s business and financial condition, in violation of the federal securities laws.
The complaint alleges that:
(i) defendants misrepresented the prospects for U.S. Food and Drug Administration (“FDA”) approval of Amarin’s lead product Vascepa, which reduces triglycerides levels in adult patients; and (ii) defendants failed to disclose that the FDA had informed Amarin that there was a lack of prospective, controlled clinical trial data indicating that pharmaceutical reduction of triglycerides significantly reduces residual cardiovascular risk.
The lawsuit also alleges that investors who purchased ADSs at artificially inflated prices suffered damages when the truth about the company’s financial condition was revealed to the market at certain times during the class period and the price of the ADSs declined.
Securities class action lawsuits like this typically involve a stock or security value going down because of company mismanagement and/or improper disclosure of its financial prospects. In these cases, because a single investor may not be able to sue the company individually, multiple investors may be able to bring a case representing the interest of all investors.
If you are an investor and you have questions concerning your legal interests when it comes to securities litigation, please contact Gary S. Graifman, Esq., of Kantrowitz, Goldhamer & Graifman, P.C., at 1-(800) 711-5258. You can also send us an email or fill out the contact form on our website.
Kantrowitz, Goldhamer & Graifman, P.C. – Class Action Lawyers