Shareholders Foundation, Inc.

Investor Alert: Lawsuit Against Affymax, Inc. (NASDAQ:AFFY) Filed

A lawsuit was filed for certain investors in shares of Affymax, Inc. (NASDAQ:AFFY) shares over alleged securities laws violations by Affymax, Inc. Deadline: April 18, 2013 and NASDAQ:AFFY stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (ReleaseWire) -- 03/11/2013 -- Following a substantial stock drop caused by a recall of Affymax’ OMONTYS an investor in shares of Affymax, Inc. (NASDAQ:AFFY) filed a lawsuit in the U.S. District Court for the Northern District of over alleged violations of Federal Securities Laws by Affymax, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased a significant amount of shares of Affymax, Inc. (NASDAQ:AFFY) between December 8, 2011 and February 22, 2013, have certain options and there are short and strict deadlines running. Deadline: April 18, 2013. NASDAQ:AFFY investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Affymax, Inc. (NASDAQ:AFFY) common stock during the period between December 8, 2011 and February 22, 2013, that Affymax, Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between December 8, 2011 and February 22, 2013, allegedly materially false and misleading statements regarding the Company’s business practices and financial results.

Affymax has a strategic alliance agreement with Takeda to develop and commercialize OMONTYS Injection, which is a treatment for anemia due to chronic kidney disease in adult patients on dialysis

Shares of Affymax, Inc. (NASDAQ:AFFY) grew from slightly above $7 in January 2012 to as high as $26.75 per share in October. 2012.

Then on February 23, 2013, Affymax and Takeda announce a nationwide recall of all Lots of OMONTYS® (peginesatide) Injection.

Affymax, Inc said the recall is a result of new postmarketing reports regarding serious hypersensitivity reactions, including anaphylaxis, which can be life-threatening or fatal.

Affymax, Inc said that to date, fatal reactions have been reported in approximately 0.02% of patients following the first dose of intravenous administration and that the reported serious hypersensitivity reactions have occurred within 30 minutes after such administration of OMONTYS.

The U.S. Food and Drug Administration said it has been notified of 19 reports of anaphylaxis from dialysis centers in the United States. Three of the anaphylaxis cases resulted in death and other patients required prompt medical intervention and in some cases hospitalization. Some of the reports included patients who were able to be resuscitated by doctors. However, anaphylaxis is life-threatening and resuscitation efforts are not always successful.

Shares of Affymax, Inc. (NASDAQ:AFFY) dropped from $16.53 per share on February 22, 2013, to as low as $2.34 per share on February 25, 2013.

On March 8, 2013, NASDAQ:AFFY shares closed at $3.29, which is substantially below its 52 week High of $27.74 per share.

Those who purchased shares of Affymax, Inc. (NASDAQ:AFFY) between December 8, 2011 and February 22, 2013, have certain options and there are short and strict deadlines running. Deadline: April 18, 2013. NASDAQ:AFFY investors should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com