Affymax Inc (NASDAQ: AFFY) Investor Securities Class Action Lawsuit 02/27/2013

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Company Name(s): 
Affymax
Case Name: 
Affymax Shareholder Class Action Lawsuit 02/27/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: AFFY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/27/2013
Class Period Begin: 
08/08/2011
Class Period End: 
02/22/2013
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
04/18/2013
Date Settled: 
12/12/2014
Settlement Amount: 
$6,500,000
Deadline to Participate in Settlement: 
12/27/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

December 12, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

August 28, 2014 - The court preliminarily approved the settlement.

July 3, 2014 - Parties filed a stipulation of settlement.

January 21, 2014 - The court granted in part and denied in part the defendants' motion to dismiss.

September 20, 2013 - The defendants filed a motion to dismiss.

July 31, 2013 - The lead plaintiff filed a notice of voluntary dismissal against certain defendants.

July 22, 2013 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Affymax Inc (NASDAQ: AFFY) common shares between August 8, 2012 and February 22, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 8, 2012 and February 22, 2013.

May 21, 2013 - The lead plaintiff and lead counsel were appointed.

May 2, 2013 - A plaintiff filed a notice of voluntary dismissal.

April 29, 2013 - Lead plaintiff motions were filed.

April 19, 2013 - The court granted a plaintiff's motion to relate cases

February 27, 2013 - An investor in shares of Affymax Inc (NASDAQ: AFFY) filed a lawsuit in the U.S. District Court for the Northern District of California against Affymax Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 8, 2011 and February 22, 2013.

According to the complaint the plaintiff alleges on behalf of purchasers of Affymax Inc (NASDAQ: AFFY) common stock during the period between December 8, 2011 and February 22, 2013, that Affymax Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing false and misleading statements regarding Affymax Inc's business practices and financial results between December 8, 2011 and February 22, 2013, .

Affymax Inc has a strategic alliance agreement with Takeda to develop and commercialize OMONTYS Injection, which is a treatment for anemia due to chronic kidney disease in adult patients on dialysis.

Shares of Affymax Inc (NASDAQ: AFFY) grew from slightly above $7 in January 2012 to as high as $26.75 per share in October 2012.

Then on February 23, 2013, Affymax Inc and Takeda announced a nationwide recall of all Lots of OMONTYS® (peginesatide) Injection.

Affymax Inc said the recall is a result of new post-marketing reports regarding serious hypersensitivity reactions, including anaphylaxis, which can be life-threatening or fatal.

Affymax Inc said that to date, fatal reactions have been reported in approximately 0.02% of patients following the first dose of intravenous administration and that the reported serious hypersensitivity reactions have occurred within 30 minutes after such administration of OMONTYS.

The U.S. Food and Drug Administration said it has been notified of 19 reports of anaphylaxis from dialysis centers in the United States. Three of the anaphylaxis cases resulted in death and other patients required prompt medical intervention and in some cases hospitalization. Some of the reports included patients who were able to be resuscitated by doctors. However, anaphylaxis is life-threatening and resuscitation efforts are not always successful.

Shares of Affymax Inc (NASDAQ: AFFY) dropped from $16.53 per share on February 22, 2013, to as low as $2.34 per share on February 25, 2013.

On February 27, 2013, NASDAQ: AFFY shares closed at $2.67, which is only a fraction of its 52 week high of $27.74 per share.