Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Affymax, Inc.
WAYNE, Pa., March 1, 2013
WAYNE, Pa., March 1, 2013 /PRNewswire/ --Ryan & Maniskas, LLP
(www.rmclasslaw.com/cases/affy) announces that a class action lawsuit has been
filed in the United States District Court for 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").
For more information regarding this class action suit, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by
email at email@example.com or visit: www.rmclasslaw.com/cases/affy.
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 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.
If you are a member of the class, you may, no later than April 29, 2013,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve
as your counsel in this action.
For more information about the case or to participate online, please visit:
www.rmclasslaw.com/cases/affy or contact Richard A. Maniskas, Esquire
toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For
more information about class action cases in general or to learn more about
Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal courts
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
SOURCE Ryan & Maniskas, LLP
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