STEVENSON, Md., March 14, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE:MX) securities during the period between January 30, 2013 and March 11, 2014, inclusive (the "Class Period").
If you have suffered a net loss from investment in MagnaChip securities purchased on or after January 30, 2013 and held through the revelation of negative information on January 27, 2014 and March 11, 2014, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 12, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company suffered from material weaknesses in internal controls over financial reporting and other accounting improprieties relating to the Company's recognition of revenue on sales to distributors. According to the complaint, following the Company's January 27, 2014 announcement that it was postponing its fourth quarter 2013 earnings release to provide additional time for the Company to complete its review of financial results and its March 11, 2014 announcement, that its Audit Committee found that its financial results for the fiscal years ending December 31, 2011 and December 31, 2012, and the first three quarters of 2013 will need to be restated, the value of MagnaChip's shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616