STEVENSON, Md., March 1, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Affymax, Inc. ("Affymax" or the "Company") (Nasdaq:AFFY) common stock during the period between December 8, 2011 and February 22, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Affymax, Inc. common stock purchased on or after December 8, 2011, and held through February 22, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 29, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that 2% of patients who were administered Omontys, an anemia drug and Affymax's primary drug offering, experienced hypersensitivity reactions resulting in anaphylaxis, a serious and life-threatening reaction, a third of whom needed medical intervention, and that 0.02% of those administered Omontys had fatal anaphylaxis reactions, that the Company's financial guidance for fiscal year 2012 was materially overstated, that reported sales of Omontys were not sustainable, and that the Company was overstating sales of Omontys and understating the potential liabilities related to Omontys sales. According to the Complaint, following the Company's February 13, 2013 disclosure that Fresenius Medical Care North America was pausing further expansion of the Omontys pilot that began in late July 2012, and the Company's February 23, 2013 disclosure that the U.S. Food and Drug Administration was requiring a total recall of Omontys because of the potential for serious and life-threatening reactions, the value of Affymax shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.