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.
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:
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SOURCE Faruqi & Faruqi, LLP