I've run into this in another circumstance...
- Panel is collapsed Timer ticks, and a partial postback begins
- User expands panel while postback is in progress
- Partial postback ends, and the state of the panel is
returned to "collapsed" because viewstate is maintained - it's
just returned to where it was at the beginning of the partial
postback.
How you want to handle this depends on your circumstance, but in my case I cancel the asynchronous postback when the user expands or collapses a panel. Since it's a timer updating current values every few seconds, it will just run again soon anyway so I'm able to "lose" one.
Alternately, you could disable expand/collapse functionality for the duration of the postback by using the panel's add_expanding and add_collapsing events, and checking Sys.WebForms.PageRequestManager.getInstance().get_isInAsyncPostBack().