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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Affymax, Inc.

2013-03-25 17:02 ET - News Release


Company Website: http://www.glancylaw.com/
LOS ANGELES -- (Business Wire)

Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of the securities of Affymax, Inc. (“Affymax” or the “Company”) (NASDAQ:AFFY) between December 8, 2011 and February 22, 2013. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued materially false and misleading statements regarding the Company’s business and financial prospects.

Affymax is a biopharmaceutical company engaged in the development of drugs in the United States for the treatment of serious and life-threatening conditions. On February 23, 2013 Affymax and Japan-based Takeda Pharmaceutical Company Limited (Takeda) issued a joint announcement 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. Affymax has a strategic alliance agreement with Takeda to develop and commercialize OMONTYS. 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.” The Complaint alleges that defendants failed to disclose that 0.02% of patients who were administered OMONTYS experienced fatal anaphylaxis reactions. As a result of this false statement, Affymax stock traded at artificially inflated prices during the Class Period.

No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Affymax shares during the Class Period, you have certain rights, and have until April 29, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to learn more about this action or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts:

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Source: Glancy Binkow & Goldberg LLP

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