Silver Law Group, a securities and investment fraud law firm, is letting investors know that a class action lawsuit has been filed against Amarin Corporation on behalf of investors who purchased shares between September 24, 2018 and November 8, 2018. The complaint alleges that Amarin made materially false and/or misleading statements and/or failed to disclose important information regarding its “REDUCE-IT” trial for their drug Vascepa, which treats heart disease.
The purpose of the class action lawsuit is to recover monetary damages for alleged violations of federal securities laws.
The specific allegations include:
- The results Amarin claimed about its drug Vascepa for its REDUCE-IT trial were not as positive as the company publicly stated.
- The placebo given to participants in the REDUCE-IT trial for Vascepa may have worsened cardiovascular incidents for those participants.
On September 24, 2018, Amarin issued a press release that stated the REDUCE-IT trial showed a 25% risk reduction in cardiovascular outcomes for patients taking Vascepa. The stock price increased by more than 400% that day.
But on November 10, 2018, the scientists that conducted the REDUCE-IT trial of the drug Vascepa for Amarin told a different story. When they presented the full results of the study, it was revealed for the first time that LDL cholesterol levels (the bad cholesterol) rose 3% for patients taking Vascepa and 10% for patients taking a mineral oil placebo. These data caused concerns that the placebo was interfering with the statins being taken by all participants in the study, placing the patients taking the placebo at greater risk of a cardiovascular event.
Attorneys at Silver Law Group have extensive experience in litigating securities and other class action cases as well as representing individual investors against brokerage firms in securities or FINRA arbitration claims. The firm is seeking recovery for investors who lost money as a result of false or misleading statements or the omission of material information that led to the artificial increase of the company’s stock. If you choose to retain counsel, you may retain Silver Law Group without financial obligation or cost to you, or you may retain other counsel of your choice.