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Pharmacydude,
I've been following this forum and noticed you many times in my 5 years as an investor here. But I simply cannot agree with your approach and reasoning. Admittedly, my patience has run thin, and my frustration grown deep. But I simply cannot accept the lack of transparency from the current Board of Directors and company. Too many excuses, too many smoke and mirrors. No honest and engaging dialogue with the shareholder base, until 1 week before a critical vote deadline that will oust the powers that be. It just does not add up in my book.
Even if you think Denner has a more short-term view than long-term view for shareholder value, I simply cannot accept the premise that the current board and management could accomplish any type of long-term plan (based on their past history of failures over the 5 years I've been an investor). Therefore I must trust, and trust wholeheartedly that Denner and Sarissa, while they may be in it for a short term flip and gain, are still better aligned with my own financial and investment goals and objectives as a shareholder with a cost basis in the $5.80 range (definitely much moreso than Per Wold-Olsen and Karim Mikhail who have shown absolute disregard and disrespect for the shareholders of Amarin, at least up until this recent contest)
Same for me when I called TDA, just one control # for each account (no separate blue # or white #). I followed up calling the Sarissa Voting Information hotline, and they confirmed as long as the questionnaire showed all the proposals and gave the FOR/AGAINST options on each, that as long as you voted FOR, the your votes would be counted and you'd be supporting sarissa (despite receiving only one control # by calling the broker, and no blue card in the mail)
I grilled TDA why I wasn't notified electronically about this vote (like every other proxy vote) and they told me that the Company (Amarin) did not file the paperwork in a timely manner to allow for that. I asked why they (TDA) couldn't just notify everyone now since theres still 2 weeks left to vote, and they told me "If we did that, and did not follow the company's instructions to the letter it would be viewed as if TD Ameritrade was taking one side or another".
So basically Amarin either intentionally missed the timeline to allow notification to shareholders, or gave directions not to notify shareholders of a vote in the normal methods. Either way Amarin is clearly trying to tilt things in their favor, and this should be frigging illegal!
Support Sarissa!
This really hits home with me...As a detroit lions fan all my life, they've only won a single playoff game in my lifetime. Ouch.... perhaps Amarin has been helping them run the team the last decade or two.... :P
edit: sorry for replying to the wrong post!
Yesterday I emailed IR for the first time in over a year, and actually got a response (previous 3 times I wrote to them I never heard back, been in the stock for 4+ years now). Funny they're engaging me, a tiny 35k share retail investor, they must truly be worried. It's clear from their reply that they have no plan for the US market, and consider it a dead end. Extremely frustrating and disappointing. Their email response just further enforced my decision to support Denner in this proxy fight.
investor.relations@amarincorp.com
Wed, Jan 18, 11:15 AM (1 day ago)
to me, investor.relations@amarincorp.com
Daniel,
Thank you for your email. Wanted to ensure to respond and provide one point of clarification to you. More than 70% of the Board and the same percent of the management team are new and have been with Amarin less than 12 months and are not the same leadership that you are referring to over the last 4 years. We agree that VASCEPA is an amazing drug. As a result of the patent loss in the US, we will not be able to realize the drug’s full potential in the US. This is why the team is focused on bringing this drug to as many market’s as possible around the globe. ROW expansion takes time and there has been significant progress. If these efforts are success, its 2023 which is the year that you will be able to see the vast majority of countries in Europe launching this drug. The current management and Board, with global market access expertise, global commercial experience, global financial experience and global medical experience are the ones with the experience and background that can make this happen.
Thank you,
Amarin IR
Has there been any attempt to get this petition document to Denner or any of the new board members? Curious if they would support if you get thru the first review 6/23...
Yikes this really isn't looking good. Market up huge, NASDAQ included, and AMRN continues to fall. I'm approaching my must sell level to prevent further losses (after doubling/tripling down in the 3s/4s to recover some of my losses). I can't let it slip away again, already kicking myself for not selling more than 20% of my position when we were >$5.80 a month or so ago. Grrr
Where's the weekend pop and the fomo for Sundays data!
And we wonder why Amarin's sales are floundering. With sales reps like her, what do we expect? Maybe cheerleading for the LA Rams or "spirit dancing" for the LA clippers or that worthless B.A. degree in Media truly prepared her for pharmaceutical sales...
Should we nominate her to be the next SHERO?
I need someone to talk me off the ledge, from selling all that I own. Watching this POS stock drop 3-5% every day for a week straight just kills me. I should have sold when we were north of $5.00 a month ago and gotten out and cut my losses.
I keep telling myself they have a good product, and even this resurgence in covid cases might be their ticket to cash in on (if management could pull their head out of their arses, quite literally and do something). I want to give the new CEO time, I truly do like what I've seen from him so far, but hes been far too quiet.
I've held on this long (multi year investor), need to find some courage to make it thru another 3 weeks to see what KM does when he officially gets the reigns.
HELP
Maybe there can finally be a buyout, now that this legal BS is behind Amarin. Won't be as high, but perhaps Amarin management will finally give up hope of a $25/share buyout and settle for $10-15/share. I'd take that in a heartbeat right now.
DELETE, accidental duplicate
Anyone know if there ever will be any explanation or comments from the conference released?
https://www.supremecourt.gov/orders/courtorders/062121zor_4f14.pdf
Insurance companies in cahoots with the unions? Trying to get them to fight the battle on their behalf because they would be viewed more positively by the public/courts? Why else would they care about something so small on their members radar this early?
Yikes, I haven't listened to the transcript yet but this sounds awful. Was the Amarin lawyer arguing in this case the same clown that screwed up the Du appeal? Agree that their they (AMRN) also could not put a sentence together. As bad as JT speaks publicly, the AMRN legal team speaks even worse in courtrooms, and as you pointed out cannot put a coherent thought together on the fly. Not even for a softball question like the one you mentioned. So sad, and frustrating.
Thanks marjac for continuing to push forward, this new nugget of information about the other case with fraud and a solid legal precedent indeed sounds promising.
In light of this development, is it worth reaching out to Amarin's legal team directly to see if they would join in any action for a rule 60 request at this point? (Trying to avoid being denied yet again due to intervention rights, and to force the panel to actually consider the merits of the rule 60 request instead of hiding behind rule 24 like Du did)
Got mine yesterday (TD Ameritrade) and voted no on all 4 questions. No to executive pay, no to re-electing current board members, no to the auditor firm. Funny how in the proxy statements each of these 4 questions says "THE BOARD OF DIRECTORS RECOMMENDS TO VOTE YES ON THIS ITEM". To me, that means I need to do the exact opposite for each!
We need a complete rip-up of everything management related in this company, and to send a strong message as shareholders. Everyone vote no!
For all those that think KM is on the sidelines until JT steps aside in August, read the contract carefully again. His stock options were priced based on the 5/1/21 closing price. Between his announcement and this week he had no incentive to make any big moves or shakeups publicly.
But now hes on the clock, his interests align with ours, and so lets see some action sooner than later!
Thanks raf, appreciate your continued thoughts on the topic. While true about generic supply, and a delayed entry from other competitors, doesn't that scenario lack the type of crystal clarity on the US market that analysts or potential buyout candidates would be looking for? I worry that a settlement with Hikma would be a win, but one that still leaves a fog over the US market for the long-term. (vs. having true patent protection for example thru a reversal of the Du case, or simply accepting the generic competition in the US and resorting to entering the generic market themselves)
Thanks FFS, appreciate your technical analysis. As an engineer, the concept of reading the charts and technicals always interested me, but I haven't spent the time/energy to pick up the craft. Any tips or suggestions for someone interested on how to start to learn this side of the market? (not trying to day trade, but I do tend to believe any analysis should have some balance of fundamentals and technicals)
Was thinking the same thing, perhaps a drawn out long schedule does help induce a settlement. But I'm not sure if a settlement has the same over-arching effect that we are looking for with a ruling in our favor (to dissuade other insurers from doing the same thing for example). Will this just cause more insurers to do the same thing as UNH and discontinue any type of Vascepa support (branded or generic) just to avoid lawsuits like this one in the future? Short term, this might actually hurt Amarin.
Obviously any kind of settlement/agreement with a generic producer like Hikma is good, but will it scare the others and bring them to the table too?
I just worry that it further clouds the US market for a long time compared to a swift and clear resolution. (Even if the long term is in our interest, the share price will likely still struggle in my opinion. If there's one thing that wall street hates....its UNCERTAINTY). Buyouts won't want to take on any uncertainty either...
And I fear this course of action will cause just more and longer uncertainty.
Wow, no trial until October 2023? Two and a half more years of this infringement case hanging over us, waiting and waiting for legal relief. Yikes
Not quite sure how to take this, good news that it confirms the generics have supply issues, basically admitting they cannot compete. Or bad news in that this could be yet another legal headwind for Amarin. At $5/share the US market is all but completely discounted from the valuation, but still, I am concerned.
Raf,
What do you think about one of us building a parallel amarin website and running a parallel twitter feed? Similar to how marj and team took the legal issues into their own hands, what if we showed Amarin what we thought their PR should look like on the web and social media for 2 weeks? (assuming you have the ear of someone like JT/KM to show them the difference between the two)
Or is this just asking to be sued due to copyright / trademark infringement?
Just did the same thing, I'm in for 25k+ shares already. Bought another 2k today. Fire sale pricing, but also need to risk manage vs the rest of my portfolio. Lets hope this doesn't bite us, but I'm still a believer!
PS I'd love to see Amarin's new CEO out doing some press showing their plans for the future and acknowledging the care about share holder value. Maybe a little CNBC Mad Money interview or something with JT + KM together talking about transition, plans for the future?
Either way, I think -22% in 1 week after recently getting European approval is not exactly what I would call expected price action. I'm a medium term investor, I've been in about 2 years now (not as long as some of you long-term holders, but not a day trader either). Still believe in the drug, and its potential, but also understand the overhangs of all the ongoing court battles. In some ways just having that all done and over with would be better than dragging this out indefinitely as it continues to create great uncertainty. Of course on the 0.1% chance of a reversal or Supreme Court hearing then the upside would be massive.
Wow, the share price is really tanking this morning. I mean I expected a little turbulance in the short term after the CEO announcement, but down 10% in one day after being down >10% the last 5 days. -22% in a week, this is a tough pill to swallow. =(
Complete and total kick in the nuts@ck. This stock is infuriating...
Actually I've been in the stock since late 2018. Made some small $ into late 2019, then got destroyed like everyone else when the Du ruling came down. I actually double, triple, quadrupled down in that drop to the $6 range, then again in the $4-5 range. Made back a majority of my losses, and I'm nearing break even. Was actually up when we spiked to $9 in Feb, should have sold more at the time but sadly I didn't.
I believe in the product, my entire family has terrible CVD. My dad lost his brother to a heart attack at age 58. His other cousins all have had heart issues in their fifties. Hell even my cousin who was 36 at the time had a heart event as well (guess we got some bad genes). Luckily its been about 10 years since all that and my dad is still going strong at 70 (walks 3-4mi/day, but doesn't eat as well as he should).
PS this is >30% of my overall portfolio right now (foolish...)
Ugh the share prices is falling again. Nasdaq up big today, IBB up big today, and AMRN down. What gives... Shorts? Manipulation? I know I shouldn't be surprised with how this stock trades after good news any more, but it still sucks.
I hope you're right! I've been averaging down the last 3 weeks, pulling my hair out each time. There's not much left to cut! Just have to remember the fundamentals, and the upcoming catalysts. I think my breakeven point is around $7.50 now which seems completely reasonable.
I only wish some of this court nonsense was far in the rear-view mirror. I think we'd have a lot more stability in the SP if we just focused on European and china fundamentals and get rid of these supreme court and GSK/Teva distractions (of course they can and will have significant impact depending on the outcome, but they will induce more volatility I'm afraid).
Gritting my teeth, and still believing in $AMRN
Been an AMRN investor for 18mo now, thru the up and down rollercoaster. Doubled / Tripled down when we were in the $4-5 / share range, wishing now I had sold more up above $8/share but truly thought we were starting to breakout with the China and Europe news. This is beyond frustrating, and I am definitely overexposed in my portfolio with AMRN.
One thing I can't help but notice though, is the constant spike at market open (+1-2%) and then the crash back down around 9:45AM. Same thing has happened 3 or 4 days in a row now. Market Manipulation????