NEW YORK, March 1, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Affymax, Inc. ("Affymax" or the "Company") (NASDAQ: AFFY).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) 2% of patients taking Affymax's kidney treatment drug Omontys were experiencing hypersensitivity reactions resulting in anaphylaxis, a serious and life-threatening allergic reaction; and (2) 0.02% of those taking Omontys experienced fatal anaphylaxis reactions.
On February 23, 2013, Affymax announced that the U.S. Food and Drug Administration ("FDA") was requiring a total recall of the drug due to reports of anaphylaxis. According to the FDA, "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. 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.
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If you invested in Affymax stock or options between December 8, 2011 and February 22, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/AFFY. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Affymax's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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