According to the docket posted, on June 10, 2003, the plaintiffs filed a Notice of Voluntary Dismissal, and on June 13, 2003, the Court entered the Order signed by U.S. District Judge Martin Jenkins granting the Notice of Voluntary Dismissal.
The complaint charges Affymetrix with a violation of Section 10(b) of
the Exchange Act and Rule 10b-5 promulgated thereunder and certain of
its officers and directors with a violation of Section 20(a) of The
Exchange Act. More specifically, on January 29, 2003, the Company
issued a press release, announcing its financial results for the fourth
quarter 2002 and fiscal year 2002, wherein it advised that the Company
expected to achieve product revenue growth of 28% in 2003 and expected
that product revenue for the first quarter of 2003 would range between
However, these prospects lacked a reasonable basis as they failed to
disclose that the Company was experiencing declining demands for its
products and services, was taking numerous steps to hide the
deterioration in its business, and would no longer be able to conceal
the slowdown in its sales from investors. What is more shocking is
that the Company, not less than three months after reporting their
bright product revenue outlook, reported that its expectations for
first quarter growth were significantly lower, such that product
revenue growth would only be between $60-62 million.
News of the lower product revenue figures sent the Company's common
stock in a rapid decline. Additionally shocking is that about eleven
days prior to the Company's announced low first quarter figures,
GlaxoSmithKline PLC (who share a common director with Affymetrix)
engaged in a sale of 4,736,254 shares of Affymetrix common stock, which
resulted in a $124,557190.30 windfall for GlaxoSmithKline PLC.