Amarin is a biopharmaceutical company whose lead product since 2008 is Vascepa, a prescription grade ultra-pure omega-3 fatty acid derived from fish oil. The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose material adverse facts about Amarins business and patent portfolio. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (i) there was an increasingly high risk that certain of Amarins patents would be invalidated; (ii) once certain of Amarins patents were invalidated by the United States District Court for the District of Nevada, there was little to no chance of reversing that ruling; (iii) the Companys litigation was preventing it from effectuating a successful takeover; (iv) Defendants were downplaying the true threat the ongoing Abbreviated New Drug Application (“ANDA”) litigation posed to the Companys business and future prospects; and (v) as a result, the Companys public statements were materially false and misleading at all relevant times. The truth about the strength of Amarins patent portfolio was partially revealed on March 30, 2020, when the Company announced that the United States District Court for the District of Nevada had “rul[ed] in favor of the generic companies in the companys patent litigation against two filers of … ANDAs … for Amarins VASCEPA (icosapent ethyl) capsule franchise.” On this news, the Companys share price plummeted over 70.5% on heavy trading volume. On September 2, 2020, as the Court of Appeals for the Federal Circuit heard oral arguments for Amarins patent litigation, and the next day, affirmed the District Courts ruling, the Companys share price fell over 34.5% on heavy trading volume. Then, on April 12, 2021, Amarin announced the retirement of Defendant John F. Thero, the Companys President and CEO. On this news, the Companys share price fell over 14.3% to close at $5.08 on April 13, 2021, on heavy trading volume. Finally, on June 21, 2021, investors learned “that the Supreme Court rejected the [C]ompanys bid to revive Vascepa patents.” On this news, Amarins share price fell 8.3% on heavy trading volume.
The alleged class includes : All persons and entities who purchased or otherwise acquired Amarin securities between December 5, 2018 and June 21, 2021, inclusive.
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