- Sarissa Capital Management, Amarin Corp.'s ( NASDAQ: AMRN ) largest shareholder, is calling for a special meeting of shareholders to remove the current board chairman and add its backed representatives.
- Amarin ( AMRN ) is up ~19% in Tuesday afternoon terading.
- Sarissa said it has received nothing but "lip service" from the board noting that it has rejected adding shareholder reps. The private equity fund added that Amarin ( AMRN ) just added a board member without consulting with Sarissa.
- "We can only conclude that Amarin ( AMRN ) board does not seek real change and instead wants to remain entrenched at the expense of shareholders," Sarissa wrote in a news release .
- At the proposed meeting, Sarisa said it wants to add seven directors it backs to the board and remove chairman Per Wold-Olsen.
- Amarin ( AMRN ) stock is down ~47% over the last year.
- The company was hit in early May 2022 after reporting disappointing Q1 results and suspending 2022 revenue guidance .
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Amarin's largest shareholder wants special meeting to oust board chairman, add reps