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Ryan amp;; Maniskas, LLP Announces Class Action Lawsuit Against Affymax, Inc.

^{Published on 2013-03-01 16:45:35 - Market Wire}
 

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Affymax, Inc. -- WAYNE, Pa., March 1, 2013 /PRNewswire/ --

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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").

(Logo: [ http://photos.prnewswire.com/prnh/20121112/MM11729LOGO ] )

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 [ rmaniskas@rmclasslaw.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 [ rmaniskas@rmclasslaw.com.  ] 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 nationwide.

SOURCE Ryan & Maniskas, LLP