Amarin Corp Plc (AMRN)

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Marjac
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“Epadi interest is a mere economic expectancy interest, which the Ninth Circuit does not recognise as a significantly protectable interest.”
This proposition as set it by the defendants completely ignores the legal status of shareholders. It is of course correct to say that shareholders may have an “economic expectancy”. But that is not the point . The defendants deliberately ignore the fact that shareholders are the owners of a company. Shareholders appoint a Board of Directors one of whose functions is to protect the interests of the company which is owned by its shareholders.Epadi is made up of a group of shareholders who are as such part owners of the company Amarin along with all the other shareholders. The reasonable expectation of the shareholders and in this circumstance in particular the Epadi shareholders is that the directors of the company Amarin would act by bringing a Rule 60 action. They did not . As a result the Epadi shareholders had no choice but to act. Epadi members as shareholders have brought this action to protect the company and their interest in it as owners of the company (in part ) Given the time limits involved the action was brought by those shareholders as a timely intervention in their capacity as such.

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