Why Amarin Stock Tumbled This Week
Amarin (NASDAQ: AMRN) stock shed 11.9% of its value this week, according to data provided by S&P Global Market Intelligence. The drugmaker's shares have been on the volatile side of late due to the ongoing public critique from its largest shareholder, Sarissa Capital, over the company's board of directors refreshment process.
In brief, Sarissa is seeking to add seven directors to the board and to remove Chairman Per Wold-Olsen from the board, according to the company's press release. Amarin's management doesn't appear to be on board with this idea.
Sarissa released a statement on Jan. 10 calling Amarin's board refreshment process a "charade led by Chairman Per Wold-Olsen". Amarin responded the next day with a statement of its own, noting the company has actively engaged with Sarissa since the firm's outsize equity stake became public knowledge in November 2021.
Source Fool.com
