|[February 27, 2013]
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Affymax, Inc.
NEW YORK --(Business Wire)--
Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/affymax/)
today announced that a class action has been commenced in the United
States District Court for the Northern District of California on behalf
of purchasers of Affymax, Inc. ("Affymax") (NASDAQ:AFFY) common stock
during the period between December 8, 2011 and February 22, 2013 (the
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Samuel
H. Rudman or David
A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at firstname.lastname@example.org. If
you are a member of this class, you can view a copy of the complaint as
filed or join this class actiononline at http://www.rgrdlaw.com/cases/affymax/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Affymax and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Affymax is a
California-based biopharmaceutical company whose primary drug offering
is Omontys (peginesatide) Injection for the treatment of anemia in
chronic kidney disease in adult patients on dialysis. The Company has a
strategic alliance agreement with Takeda Pharmaceuticals U.S.A., Inc.
and Takeda Global Research & Development Center, Inc. (collectively,
"Takeda"), to develop and commercialize Omontys. Takeda is also charged
as a defendant in the action.
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company's
business practices and financial results. Specifically, the complaint
alleges that defendants failed to disclose that 2% of patients who were
administered Omontys experienced hypersensitivity reactions resulting in
anaphylaxis, a serious and life-threatening allergic reaction, a third
of which needed medical intervention - and that 0.02% of those
administered the drug experienced fatal anaphylaxis reactions. As a
result of these false statements, the Complaint alleges that Affymax
stock traded at artificially inflated prices during the Class Period,
reaching a high of $27.74 per share in intraday trading on October 17,
Then, on February 23, 2013, Affymax and Takeda announced that the U.S.
Food and Drug Administration ("FDA") was requiring a total recall of the
drug due to reports of anaphylaxis, with the FDA calling it a "serious
and life-threatening" allergic reaction in the agency's statement.
"Serious and fatal" hypersensitivity reactions had been reported in some
patients within 30 minutes of receiving their first doses of the drug by
intravenous injection, the FDA said in its statement. On this news, the
price of Affymax stock declined by more than 85%, closing at $2.42 per
share, down $14.10 per share from the prior night's close, on unusually
high trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of
Affymax common stock during the Class Period (the "Class"). The
plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in nine offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $2 trillion. The firm has obtained many of the largest
recoveries and has been ranked number one in the number of shareholder
class action recoveries in MSCI's Top SCAS 50 every year since
2003. According to Cornerstone Research, the firm's recoveries have
averaged 35% above the median for all firms over the past seven years
(2005-2011). Please visit http://www.rgrdlaw.com
for more information.
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