The Shareholders Foundation announces that an investor, who purchased shares of Magnachip Semiconductor Corp (NYSE:MX), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Magnachip Semiconductor in connection with certain allegedly false and misleading statements made between January 30, 2013 and March 11, 2014.
Investors who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and for certain investors are short and strict deadlines running. Deadline: May 12, 2014. NYSE:MX investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Magnachip Semiconductor Corp (NYSE:MX) between January 30, 2013 and March 11, 2014, that Magnachip Semiconductor and certain of its officers and directors 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 release 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 declined to $12.62 per share on March 12, 2014.
On March 24, 2014, NYSE:MX shares closed at $14.53 per share, which is significantly below its current 52 week High of $23.89 per share.
Those who purchased shares of Magnachip Semiconductor Corp 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