Class Action Lawsuit Alleges SEC Violations
The class action attorneys of Kantrowitz, Goldhamer & Graifman, P.C. have filed a lawsuit against the biopharmaceutical company Amarin Corporation plc for misrepresenting prospects that the U.S. Food and Drug Administration (FDA) would grant approval for its leading drug, Vascepa. KGG has filed litigation in the United States District Court for the District of New Jersey on behalf of purchasers of American Depository Shares (ADSs) on the open market or pursuant to Registration Statements filed with the SEC between July 9, 2009 and October 15, 2013.
Investors who purchased ADSs of Amarin, which is a method that foreign corporations can use to list their ordinary equity on the American stock exchange, may have suffered losses as a result of the misstatements by the company about its business practices and finances which caused the price of ADSs to be artificially inflated.
The class action litigation filed by KGG outlines how the drug did not have enough clinical trial data available for the FDA to find that it could significantly reduce the level of triglycerides and potential cardiovascular issues in adult patients. Amarin Corporation plc failed to address this issue with its shareholders. When the truth regarding the lack of backing by the FDA for Vascepa surfaced, the investors of Amarin Corporation plc suffered losses, as the price of ADSs severely declined.
Class Action Lawyers That Handle Securities and Consumer Fraud Lawsuits
If you were affected by the artificially inflated prices of Amarin Corporation plc during the class period, or the period of time in which the unlawful conduct by the company occurred, our class action lawyers are available to discuss how you may be able to recover damages for your losses. It is in your best interest to seek legal counsel immediately, as your ability to join ongoing class action litigation is time sensitive. We have significant experience working on behalf of securities purchasers in cases alleging securities fraud for more than two decades. Speak with Gary S. Graifman, Esq. by calling (800) 711-5258.