Law Firm Says Suit Filed Against Affymetrix for Restating Earnings
NEW YORK (GenomeWeb News) – A law firm yesterday said that a shareholder derivative complaint has been filed against Affymetrix and certain past and present executive directors in a US District Court.
It wasn't immediately clear if the case the firm mentioned is the suit, filed Aug. 30 in California, that accuses several current and former officials at Affymetrix of a “gross breach of fiduciary duties” and claims these officials “improperly backdate[d] dozens of grants of Affymetrix stock options” to Affy CEO Stephen Fodor and other executives in violation of generally accepted accounting principles.
Calls placed to Affymetrix, based in Santa Clara, Calif., or to Keller Rohrback, based in Seattle, were not immediately returned.
On Aug. 30, Affymetrix amended its financial results for the quarter ending Mar. 31, and said the previous information “should no longer be relied upon.”