Amarin Corporation plc

On March 30, 2020, Amarin announced that “the United States District Court for the District of Nevada[] rul[ed] in favor of the generic companies in the company’s patent litigation against two filers of abbreviated new drug applications, or ANDAs, for Amarin’s VASCEPA® (icosapent ethyl) capsule franchise.” On this news, Amarin’s share price fell $9.58, or approximately 70.5%, to close at $4.00 per share on March 31, 2020, thereby injuring investors.

On June 21, 2021, investors learned that the Supreme Court rejected the Company’s bid to revive its Vascepa patents. On this news, Amarin’s share price fell 5.2%, to close at $4.70 per share on June 21, 2021, further injuring investors.

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.