NEW YORK, March 30, 2016 /PRNewswire/ -- Notice is hereby
given that Faruqi & Faruqi, LLP has filed a class action
lawsuit in the United States District Court for the Northern
District of California, case no.
3:16-cv-00921, on behalf of shareholders of Affymetrix, Inc.
("Affymetrix" or the "Company") (NasdaqGS:AFFX) who held
Affymetrix securities on the record date, February 18, 2016, and have been harmed by
Affymetrix's and its board of directors' (the "Board") alleged
violations of Sections 14(a) and 20(a) of the Securities Exchange
Act of 1934 (the "Exchange Act") in connection with the
proposed sale of the Company to Thermo Fisher Scientific Inc.
("Thermo Fisher").
On January 8, 2016, the Company
announced it had entered into a proposed merger ("Proposed
Transaction") under which Thermo
Fisher will acquire all of the outstanding shares of
Affymetrix through White Birch Merger Co., a newly formed
subsidiary of the acquirer. The shareholder vote on the Proposed
Transaction is expected to occur on March
31, 2016.
The complaint charges Affymetrix and the Board with violations
of Sections 14(a) and 20(a) the Exchange Act.
If you wish to obtain information concerning this action or
view a copy of the complaint, you can do so by clicking here:
www.faruqilaw.com/AFFXnotice.
Pursuant to the terms of the Proposed Transaction, which was
unanimously approved by the Board, Affymetrix shareholders will
receive $14 in cash per share for
each share of Affymetrix they own. The complaint alleges that the
preliminary proxy statement (the "Proxy") filed with the Securities
and Exchange Commission ("SEC") on February
12, 2016 provides materially incomplete and misleading
information about the Company and the Proposed Transaction, in
violation of Sections 14(a) and 20(a) of the Exchange Act. The
Proxy fails to provide Affymetrix's shareholders with material
information concerning the financial and procedural fairness of the
Proposed Transaction. Specifically, the Proxy contains materially
incomplete and misleading information, including: i) the financial
analyses conducted by Morgan Stanley, financial advisor to the
Affymetrix Board; ii) Morgan Stanley's conflicts of interest; and
iii) information related to Affymetrix's financial projections.
Furthermore, according to the complaint, the Proposed
Transaction includes a non-solicitation provision, a matching
rights provisions, and a $55 million
termination fee which essentially ensure that a superior bidder
will not emerge, as any potential suitor will undoubtedly be
deterred from expending the time, cost, and effort of making a
superior proposal while knowing that Thermo
Fisher can easily foreclose a competing bid.
Take Action
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm
with extensive experience in prosecuting class actions, and
significant expertise in actions involving corporate fraud. Faruqi
& Faruqi, LLP, was founded in 1995 and the firm maintains its
principal office in New York City,
with offices in Delaware,
California, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member. If you wish to discuss this action, or have any
questions concerning this notice or your rights or interests,
please contact:
Juan E. Monteverde, Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: jmonteverde@faruqilaw.com
Logo -
http://photos.prnewswire.com/prnh/20120119/MM38856LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/faruqi--faruqi-llp-announces-filing-of-a-class-action-lawsuit-against-affymetrix-inc-300243449.html
SOURCE Faruqi & Faruqi, LLP