The Shareholders Foundation announced that an investigation on behalf of long-term investors in Magnachip Semiconductor Corp (NYSE:MX) shares was launched over possible breaches of fiduciary duties
Investors who are current long term investors in Magnachip Semiconductor Corp (NYSE:MX) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in Magnachip Semiconductor Corp (NYSE:MX) stocks follows a lawsuit filed recently again Magnachip Semiconductor Corp over alleged securities laws violations. The investigation on behalf of current long term investors in Magnachip Semiconductor Corp (NYSE:MX) stocks concerns whether certain Magnachip Semiconductor Corp (NYSE:MX) officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that Magnachip Semiconductor violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Magnachip Semiconductor Corp lacked adequate controls over financial reporting, that Magnachip Semiconductor Corp was improperly recognizing revenues, that Magnachip Semiconductor Corp’s prior financial statements required restatement, and that as a result of the foregoing, Magnachip Semiconductor Corp’s financial statements were materially false and misleading at all relevant times.
On January 27, 2014, Magnachip Semiconductor Corp announced the postponement of its fourth quarter 2013 earnings relsear and conference call. Shares of Magnachip Semiconductor Corp declined from $17.84 per share on January 27, 2014 to $15.50 per share on January 28, 2014.
On March 11, 2014, Magnachip Semiconductor Corp announced that the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls. Shares of Magnachip Semiconductor Corp (NYSE:MX) declined to $12.50 per share on March 12, 2014.
On May 5, 2014, NYSE:MX shares closed $14.39 per share.
Those who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com