Affymax Sued Over $500M Stock Drop Linked To Recall

Law360, Los Angeles (March 6, 2013, 9:55 PM EST) -- An Affymax Inc. shareholder hit the biopharmaceutical company and its partner Takeda Pharmaceutical Co. Ltd. with a putative class action Wednesday in California federal court, saying their failure to disclose that their anti-anemia drug Omontys was linked to anaphylaxis and death resulted in a $500 million company devaluation.

The suit, which also names certain Affymax executives as defendants, alleges the companies’ false and misleading statements caused Affymax stock to trade at artificially inflated prices until Feb. 23, when Affymax announced that the U.S. Food and Drug...
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