SEATTLE, Sept. 21, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. announces that a shareholder derivative complaint has been filed in the United States District Court, Northern District of California, on behalf of nominal defendant Affymetrix, Inc. ("Affymetrix" or the "Company") (Nasdaq:AFFX) and against certain past and present executive directors of Affymetrix.
On August 30, 2006, Affymetrix filed an amended Form 10-Q for the quarter ending March 31, 2006. The amended quarterly report stated that on August 9, 2006, the Company concluded that its consolidated financial statements for the years ended December 31, 2005, 2004 and 2003, as well as the selected financial data for the years ended December 31, 2002 and 2001, should be restated to record additional non-cash stock-based compensation expense, and the related income tax impact, resulting from stock options granted during fiscal years 1997 to 1999 that were incorrectly accounted for under U.S. generally accepted accounting principles. The Company's decision to restate its condensed consolidated financial statements was based on the results of an internal review of its historical stock option granting practices from January 1, 1997 through May 31, 2006 performed under the direction of the Audit Committee of its board of directors. As a result of the internal investigation, Affymetrix determined that the cumulative, pre-tax, non-cash, stock-based compensation expense resulting from revised measurement dates for options granted between 1997 and 1999 was approximately $21.5 million.
If you are an investor who currently owns Affymetrix stock, and you also held the stock at some point between 1997 to the present, the period during which the alleged backdating occurred, and you wish to discuss this case, or have questions about backdating practices, please contact paralegal Jennifer Tuato'o or attorneys Elizabeth Leland, Cari Campen Laufenberg, Lynn Sarko or Gary Gotto toll free at 800/776-6044, via e-mail at investor@kellerrohrback.com, or online at www.seattleclassaction.com.
To date, more than 100 companies have announced internal investigations and/or investigations by the U.S. Department of Justice, the Securities and Exchange Commission, and/or U.S. Attorney's offices across the country. Many of these investigations have resulted in earnings restatements or civil and even criminal charges. Keller Rohrback L.L.P. is currently investigating the following companies for improperly manipulating the prices of options granted to executive officers and directors:
Company Company
Aspen Technology Chordiant Software, Inc.
Atmel Foundry Networks, Inc.
Barnes & Noble Home Depot
CableVision Monster Worldwide
Keller Rohrback L.L.P. is a law firm headquartered in Seattle that has successfully represented shareholders and consumers in class action cases for over two decades. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.