NEW YORK, April 2, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of common stock of MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE:MX) between January 30, 2013 and March 11, 2014, inclusive (the "Class Period").
If you purchased MagnaChip during the Class Period, you may, no later than May 12, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you have purchased shares of MagnaChip during the class period and want more information about the MagnaChip Shareholder Litigation, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
On January 27, 2014, MagnaChip announced that it would postpone its fourth quarter 2013 earnings release to provide additional time for MagnaChip to complete a review of its financial results. Following this news, MagnaChip stock dropped over 8% down to $16.16 per share on January 28, 2014. Then, on March 11, 2014, MagnaChip disclosed that its Audit Committee had found material weaknesses in internal controls over financial reporting and other accounting improprieties relating to MagnaChip's recognition of revenue on sales to distributors. As a result, the Company stated that it would be required to restate its financial results for 2011, 2012 and 2013, and MagnaChip's stock dropped another 13% to trade as low as $12.50 per share.
In addition, as a direct result of these accounting issues, on March 28, 2014, MagnaChip announced the resignation of the Chief Financial Officer and the postponement of its Annual Investor Conference.
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