Amarin Corporation plc (AMRN) Accused of Misleading Investors About Its Drug Trial

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between September 24, 2018 and November 9, 2018, Amarin Corporation plc (AMRN) issued a press release stating that the company's REDUCE-IT cardiovascular outcomes study had shown a 25% relative risk reduction for patients taking Vascepa. As a result, Amarin's securities increased more than 414% that day. What Amarin failed to share was that the placebo given to patients in the control arm of the trial may have increased incidents of cardiovascular events in patients, making Vascep appear more effective than it actually was. Less than two months later, at the Scientific Sessions of the American Heart Association on November 10, 2018, scientists presented the results of the REDUCE-IT trials. The scientists finally disclosed that that the placebo given to the patients may have caused cardiovascular problems in the patients taking it, citing an increase in "bad" LDL cholesterol. As a result, Amarin's stock price dropped nearly 27% to close at $15.38 per share on November 13, 2018.

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