A class action lawsuit has been filed on behalf of investors who purchased common stock of Affymax, Inc. (“Affymax” or the “Company”) (NASDAQ: AFFY) between December 8, 2011 and February 22, 2013 (“Class Period”). The lawsuit, which was filed in the United States District Court for the Northern District of California, alleges Affymax issued false and misleading statements to investors during 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.
If you purchased Affymax common stock between December 8, 2011 and February 22, 2013 and suffered a net loss on those purchases, you have the legal right to petition the Court to be appointed a “lead plaintiff.” A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than April 29, 2013. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Holzer Holzer & Fistel, LLC is also investigating whether the allegations contained in the class action complaint also give rise to separate, additional claims against the Board of Directors for breaches of fiduciary duty, which could be enforced on behalf of the Company through shareholder derivative litigation.
If you purchased Affymax common stock between December 8, 2011 and February 22, 2013 and suffered large losses, or if you presently own Affymax common stock that was purchased and held continuously since at least December 8, 2011, you may contact Michael I. Fistel, Jr., Esq. ( firstname.lastname@example.org) or William Stone, Esq. ( email@example.com) by email or via toll-free telephone at (888) 508-6832 to discuss your legal rights.Holzer Holzer & Fistel, LLC dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.
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