empty variable after "read -t" is used

$ lsb_release -rd
Description: Ubuntu 12.04.1 LTS
Release: 12.04

$ apt-cache policy bash
bash:
  Installed: 4.2-2ubuntu2
  Candidate: 4.2-2ubuntu2
  Version table:
 *** 4.2-2ubuntu2 0
        500 http://se.archive.ubuntu.com/ubuntu/ precise/main amd64 Pack
ages
        100 /var/lib/dpkg/status

When using "read -t" in bash script predefined variable becomes empty. Example:

VAR="jonas"
read -t 3 VAR
echo ${VAR}

When user does not input anything and timeout is passed (3 secs) variable VAR becomes empty. When doing the same in Mac OSX with:

$ bash --version
GNU bash, version 3.2.48(1)-release (x86_64-apple-darwin12)
Copyright (C) 2007 Free Software Foundation, Inc.

it works as expected as:

$ VAR="jonas"
$ read -t 3 VAR
$ echo ${VAR}
jonas