Charts throw RTE when "Use flex 3 compatibility mode" is checked

1. Create a project with sdk 4.0\4.1
2. Copy the below code to the mxml file

<?xml version="1.0" encoding="utf-8"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" layout="absolute" minWidth="955" minHeight="600">

<mx:AreaChart x="299" y="345" id="areachart1">
<mx:series>
<mx:AreaSeries displayName="Series 1" yField=""/>
</mx:series>
</mx:AreaChart>
<mx:Legend dataProvider="

"/>
</mx:Application>

3. Save the file and right click on the project.
4. Click on Properties from the context menu
5. Flex Compiler -> Check the check box "Use Flex 3 compatibility mode"
6. Run the applicaition.

Actual Results:
We get the below RTE.
--------------
TypeError: Error #1009: Cannot access a property or method of a null object reference.
at mx.charts.chartClasses::CartesianChart/updateMultipleAxesStyles()[E:\dev\4.0.0\frameworks\projects\datavisualization\src\mx\charts\chartClasses\CartesianChart.as:2598]
at mx.charts.chartClasses::CartesianChart/commitProperties()[E:\dev\4.0.0\frameworks\projects\datavisualization\src\mx\charts\chartClasses\CartesianChart.as:1360]
at mx.core::UIComponent/validateProperties()[E:\dev\4.0.0\frameworks\projects\framework\src\mx\core\UIComponent.as:7772]
at mx.managers::LayoutManager/validateProperties()[E:\dev\4.0.0\frameworks\projects\framework\src\mx\managers\LayoutManager.as:572]
at mx.managers::LayoutManager/doPhasedInstantiation()[E:\dev\4.0.0\frameworks\projects\framework\src\mx\managers\LayoutManager.as:700]
at mx.managers::LayoutManager/doPhasedInstantiationCallback()[E:\dev\4.0.0\frameworks\projects\framework\src\mx\managers\LayoutManager.as:1072]

-----------------

Expected Results: Charts should run fine without any RTE

Workaround (if any):