If Affymax’s officers and directors knew that its stock price was artificially inflated, and would likely collapse when this news was released to the market, then there was securities fraud or a disclosure law violation, according to Jake Zamansky.
New York, New York (PRWEB) February 26, 2013
Zamansky & Associates LLC notifies all investors in Affymax Inc. (“Affymax”) that it is investigating the recall of Omontys, its anemia treatment for kidney dialysis patients due to reports of fatal reactions. On February 25, 2012, according to Bloomberg News, Affymax’s stock price fell as much as 87 percent after the recall to $2.97 per share, after it had gained 61 percent over the previous 12 months. This investigation concerns potential securities fraud or disclosure violations by Affymax, and its officers and directors, for disclosure failures relating to the fatal reactions which caused the recall.
According to the Notice issued to healthcare providers by Affymax and its marketing partner, the “use of OMONTYS may result in serious hypersensitivity reactions including anaphylaxis, which may be life-threatening or fatal,” and “to date, fatal reactions have been reported in approximately 0.02% of patients following the first dose of intravenous administration.” Reuters reported that the U.S. Food and Drug Administration on Sunday alerted healthcare providers about the recall, and said it had received 19 reports of anaphylaxis from dialysis centers in the United States.
The investigation by Zamansky & Associates LLC concerns whether Affymax knew and failed to disclose the frequency and/or severity of these reactions to Omontys, and the FDA’s response, while its stock price rose over the last year. “If Affymax’s officers and directors knew that its stock price was artificially inflated, and would likely collapse when this news was released to the market, then there was securities fraud or a disclosure law violation,” according to Jake Zamansky.
What Affymax Investors Can Do
If you are a shareholder of Affymax and would like to discuss your legal rights, you may, without obligation or cost to you, email jake (at) zamansky (dot) com or call the law firm at (212) 742-1414.
About Zamansky & Associates
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414