Amarin Corp Plc (AMRN)

[jessellivermore]

bblack...

I was the lead plaintiff in a shareholder action suit in 1999..****Vs Tower Semiconductor. There was a consortium of law firms but Milberg-Weiss was the lead firm..

The case was practically identical to the one in Michael Crichton's novel "Disclosure". T-Semi was a silicone wafer foundry located in Israel. They claimed world class knowledge and technology and had a contract from HP tha t represented 75% of their revenues..The company was doing fine market wise and painted a very rosey scenario, but in reality they were having technical problem working on HP's new advanced chip. The confidential conversations with HP were not at all what they were telling shareholders and insiders were trading out.

There was a 4:30 PM CC and they announced HP had pulled out of the contract for non performance...The stock was halted and when the stock opened it dropped from the twenties down to single digits..

Anyway as lead plaintiff I got a real look at how the notorious M-W operated and how farcical shareholder actions are..The lawyers for both sides were in cahoots. M-W lawyers spent money like Louie the Fourteenth. Meetings were held in Manhattan where there would be me and twenty M=W lawyers at restaurants like Letice, and LeCirque and charged to the case. The defendant lawyers would "dispose me for hours and hours on my trades (I was trading like a maniac in those days) and collecting fees..

The case was settled in the Federal Court in New Jersey..The judge and the insurance company which underwrote the shareholder lawsuit policy were really the only participants. The judge was very surly and told the lawyers there was not going to be a trial (over his dead body) and thje insurance company told them how much they could get..Most opf the money went to the lawyers..Less that 10% to the shareholders...So good luck..

":>) JL