Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Affymax, Inc.

  Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Affymax,

Business Wire

NEW YORK -- February 27, 2013

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
( 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 “Class Period”).

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 If you are a
member of this class, you can view a copy of the complaint as filed or join
this class action online at 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, 2012.

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 for more


Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
Press spacebar to pause and continue. Press esc to stop.