Shareholders Foundation, Inc.

Affymax, Inc. (NASDAQ:AFFY) Investor Alert: Lawsuit Alleges Wrongdoing by Directors

A lawsuit was filed by a current investor in NASDAQ:AFFY shares over alleged breaches of fiduciary duties by certain directors of Affymax, Inc. and current NASDAQ:AFFY stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
Repost This

San Diego, CA -- (SBWIRE) -- 04/09/2013 -- A current investor who holds NASDAQ:AFFY shares filed a lawsuit against directors of Affymax, Inc. for selling millions with of their shares before the stock price sank about more than 80%.

Investors who are current long-term stockholders in shares of Affymax, Inc. (NASDAQ:AFFY) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants sold more than $10 million of their shares just before the stock price sank by more than 80% while underplaying serious side-effects of Affymax’s drug Omnontys, which is a treatment for anemia due to chronic kidney disease in adult patients on dialysis

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 $1.05 on March 19, 2013.

On April 8, 2013, NASDAQ:AFFY shares closed at $1.08 per share, which is substantially below its 52 week High of $27.74 per share.

Those who are current long-term investors in shares of Affymax, Inc. (NASDAQ:AFFY) have certain options and should contact the Shareholders Foundation.

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