NEW YORK, April 23, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Affymax, Inc. ("Affymax" or the "Company") (NasdaqGS: AFFY) stock between December 8, 2011 and February 22, 2013 (the "Class Period").
The complaint alleges that during the Class Period, defendants failed to disclose that 2% of patients administered the drug 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, the Complaint alleges that Affymax stock traded at artificially inflated prices during the Class Period.
On February 23, 2013, it was announced that the U.S. Food and Drug Administration ("FDA") was requiring a total recall of the drug due to reports of anaphylaxis. The FDA reported that "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.
If you suffered a loss in Affymax you have until April 29, 2013to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/affymax-affy/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com