Affymetrix
Investor sues over financing of acquisition
Affymetrix is being sued for fraud by investment firm Tang Capital Partners, which claims the Santa Clara maker of genomic analysis tools misrepresented the financing of an acquisition for which it depleted cash meant to repurchase $95 million in notes bought by Tang and other investors.
Tang Capital, which purchased $78 million of Affymetrix’s 3.5 percent senior notes from 2008 to 2011, alleged in a complaint filed Thursday in Santa Clara County Superior Court in San Jose that the repurchase money is being used as collateral to finance Affymetrix’s acquisition of eBioscience.
The $330 million cash deal was announced Nov. 30. The merger triggers a repurchase provision in the note contract that Affymetrix has refused to honor, Tang said in the complaint.
Affymetrix said in a regulatory filing Thursday that it believes the suit is “without merit.”
– Bloomberg News
Nasdaq
Judge OKs delisting of cleantech company
The Nasdaq Stock Market won a federal judge’s permission to delist a Chinese maker of wind towers that claims the procedures for kicking it out are marred by bias.
U.S. District Judge Richard Sullivan on Friday lifted the restraining order imposed against Nasdaq by New York State Supreme Court Justice
Melvin Schweitzer on Dec. 20. Sullivan also denied a request by CleanTech Innovations, based in Tieling, China, that he impose his own temporary restraining order.
“The court finds that the state court lacked jurisdiction to enter a temporary restraining order in a matter arising under” the federal securities law, Sullivan wrote in his order.
CleanTech has been fighting removal since January, when Nasdaq asserted that the company, which makes towers for wind turbines, intentionally withheld material information about $20 million in financing during its listing application. The company says it provided all necessary information in a timely manner.
– Bloomberg News
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