NEW YORK (GenomeWeb News) - Shares in Affymetrix were up 6.25, or $1.20, at $20.41 in mid-afternoon share after the company late yesterday said it would have to restate its financial results as far back as 1997 after an internal review into its stock-option granting practices turned up “certain documentation lapses.”
As GenomeWeb News reported this morning, the company said yesterday that 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.
In a statement, Affy said 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 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.