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Affy to Restate Financials Back to 1997 After Uncovering 'Certain Lapses' in Option Grants

NEW YORK (GenomeWeb News) – Affymetrix late yesterday said it will restate its financial results as far back as 1997 after an internal review into its stock-option granting practices turned up “certain documentation lapses.”
 
The company said the restatements will increase its previously reported net losses from 1997 to 2002, reduce its previously reported net income for 2003, and increase its previously reported net income in 2005.
 
“The review identified certain documentation lapses but did not find any pattern or practice of inappropriately identifying grant dates with hindsight in order to provide ‘discounted’ or ‘in-the-money’ grants,” Affy said in a statement. The company granted the options between 1997 and 1999.
 
Financial information in its Form 10-Q for the three months ended March 31 and its Form 10-K for the full year ended Dec. 31, 2005, “should no longer be relied upon,” Affymetrix said.
 
Affymetrix said it expects to file restated financial reports with the US Securities and Exchange Commission during the current quarter. It also has delayed filing second-quarter results.

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