Affymetrix (Santa Clara, California) reported that it has completed its restatement of its financial statements, and they have been filed with the SEC in an amended Form 10-K/A for the year ended Dec. 31, 2005, and an amended Form 10-Q/A for the quarter ended March 31, 2006. The company said it also filed its Form 10-Q for the quarter ended June 30, 2006, delayed due to the restatement.
Affymetrix said it is now current in its SEC reporting, so it expects that the previously disclosed Nasdaq delisting action will be terminated and that the previously disclosed notice of default under the company's indenture has been cured.
As previously disclosed, an internal review performed under the direction of the audit committee of the board of directors identified “certain errors and documentation lapses” in the company's historic option-granting practices but did not find any pattern of inappropriately identifying grant dates with hindsight in order to provide “discounted” or “in-the-money” grants. Affymetrix concluded that as a result of a documentation lapse in July 1999, an option grant for an aggregate of 1.99 million shares should have been measured for accounting purposes as of a later date. In light of the restatement required, the company included in its restatement corrections relating to certain other errors and documentation lapses in FY97 and FY98. Around 97% of the charges relating to the restatement arose from the documentation lapse in July 1999.
MDD releases new report on orthopedics market
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