Law Offices of Howard G. Smith Announces Investigation On Behalf of Investors of Affymax, Inc.
by Business Wire
Law Offices of Howard G. Smith announces that it is investigating potential claims against Affymax, Inc. (“Affymax” or the “Company”) (NASDAQ: AFFY) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Affymax between December 8, 2011 and January 2, 2013 were false and misleading regarding the Company’s business and financial prospects.
Affymax is a biopharmaceutical company engaged in the development of drugs for the treatment of serious and life-threatening conditions in the United States. The investigation is related to a February 23, 2013 joint announcement, issued by Affymax and Japan-based Takeda Pharmaceutical Company Limited (Takeda), of a nationwide voluntary recall of OMONTYS (peginesatide) Injection. OMONTYS Injection is a treatment for anemia due to chronic kidney disease in adult patients on dialysis. According to the Company, the recall is related to “new postmarketing reports regarding serious hypersensitivity reactions, including anaphylaxis, which can be life-threatening or fatal.” Affymax has a strategic alliance agreement with Takeda to develop and commercialize OMONTYS.
Following the announcement, Reuters reported that on February 24 the U.S. Food and Drug Administration alerted healthcare providers about the recall, and said it had received 19 reports of anaphylaxis from dialysis centers in the United States. As a result of this news, shares of Affymax plummeted as much as 85 percent in intraday trading on February 25, 2013.
If you purchased Affymax shares between December 8, 2011 and January 2, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.