Key Developments: Affymax Inc (AFFY.O)
1.53USD
9:35am EDT
$0.08 (+5.52%)
$1.45
$1.47
$1.57
$1.47
995,934
9,661,624
$27.74
$0.78
Latest Key Developments (Source: Significant Developments)
Pomerantz Law Firm Reminds Shareholders With Losses On Their Investment In Affymax Inc Of Class Action Lawsuit And Upcoming Deadline
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Affymax, Inc. (Affymax or the Company) and certain of its officers. The class action filed in United States District Court, Central District of California, and docketed under C13-1025 SI, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Affymax between December 8, 2011 and February 22, 2013, both dates inclusive (the Class Period). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's business practices and financial results. Specifically, 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, reaching a high of $27.74 per share in intraday trading on October 17, 2012. Full Article
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Affymax Inc
Law Offices of Howard G. Smith announced that investors of Affymax Inc have until April 29, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California on behalf of a class (the Class) comprising all purchasers of Affymax securities between December 8, 2011 and February 22, 2013, inclusive (the Class Period). 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. Full Article
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Affymax Inc
Glancy Binkow & Goldberg LLP announced that purchasers of the securities of Affymax Inc between December 8, 2011 and February 22, 2013, inclusive (the Class Period), have until April 29, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the Northern District of California. 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. . 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. Full Article
Harwood Feffer LLP Announces Investigation of Affymax Inc
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Affymax Inc (Affymax or the Company), concerning whether the board has breached its fiduciary duties to shareholders. On February 25, 2013, the Company disclosed that it had initiated a voluntary recall of all lots of its anemia injection, OMONTYS. Company stock, which closed above $16.00 per share on the last trading day prior to the announcement, plunged to $2.42 at close on the next trading day. Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Affymax Inc
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all purchasers of the securities of Affymax Inc between December 8, 2011 and February 22, 2013, inclusive. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Affymax Inc
Glancy Binkow & Goldberg LLP announced 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 comprising all purchasers of the securities of Affymax Inc. 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 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. Full Article
Pomerantz Grossman Hufford Dahlstrom & Gross LLP Reminds Shareholders With Losses On Their Investment In Affymax Inc Of Class Action Lawsuit And Upcoming Deadline
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Affymax, Inc. (Affymax or the Company) and certain of its officers. The class action filed in United States District Court, Central District of California, and docketed under C13-1025 SI, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Affymax between December 8, 2011 and February 22, 2013, both dates inclusive of (the Class Period). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's business practices and financial results. Specifically, defendants failed to disclose that 0.02% of patients who were administered 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, with the FDA calling it a serious and life-threatening allergic reaction in the agency's statement. Full Article
Pomerantz Law Firm Announces Class Action Lawsuits Against Affymax Inc
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Affymax Inc ("Affymax" or the "Company") (Nasdaq:AFFY) and certain of its officers. The class action filed in United States District Court, Central District of California, and docketed under C13-1025 SI, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Affymax between December 8, 2011 and February 22, 2013, both dates inclusive of (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's business practices and financial results. Specifically, 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, reaching a high of $27.74 per share in intraday trading on October 17, 2012. Full Article
Lifshitz Law Firm Announces Class Action Lawsuits Against Affymax Inc
Lifshitz Law Firm announced that a class action suit was filed in the United States District Court for the Northern District of California, alleging that Affymax Inc issued false and misleading statements to investors between December 8, 2011 and February 22, 2013 (the Class Period) by failing to adequately disclose: (1) that the Company's FY 2012 financial guidance was materially overstated; (2) that reported sales of its primary drug product were not sustainable; and (3) that the defendants were materially overstating sales and understating the potential liabilities related to its primary drug product, including refunds and potential liability to injured patients. Full Article
Affymax Inc Announces Reduction in Force to Align Resources Around Ongoing Product Investigation; To Evaluate Strategic Alternatives
Affymax Inc announced that it will reduce its workforce as part of a plan to focus the Company`s resources on the ongoing investigation of reported hypersensitivity reactions in patients receiving OMONTYS (peginesatide) Injection following the nationwide voluntary recall of product from the market. This action will reduce the Company`s workforce by approximately 230 employees (or 75%), which includes its commercial and medical affairs field organizations as well as other officers and employees. The Company also announced that it will retain a bank to evaluate strategic alternatives for the organization, including the sale of the Company or its assets, or a corporate merger. The company is considering all possible alternatives, including further restructuring activities, wind-down of operations or even bankruptcy proceedings. Full Article
Affymax may file for bankruptcy; cuts 75 percent of workforce
- Drugmaker Affymax Inc said it was considering selling itself or filing for bankruptcy among a range of alternatives, as it struggles to stay afloat following the recent recall of its sole commercial product, the anemia drug Omontys.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
