NEW YORK, Feb. 23, 2015 (GLOBE NEWSWIRE) -- On March 12, 2014, Pomerantz LLP filed a class action lawsuit against MagnaChip Semiconductor Corp. ("MagnaChip" or the "Company") (NYSE:MX) and certain of its officers in the U.S. District Court for the Northern District of California (Case No. 3:14-cv-01160-JST). On July 3, 2014, the Court appointed Pomerantz LLP lead counsel. The Amended Complaint filed on October 1, 2014 asserts claims for violations of the Securities Exchange Act of 1934, on behalf of all investors in MagnaChip during the period February 1, 2012 to March 11, 2014, inclusive (the "Class Period"). The Amended Complaint asserts that during the Class Period, MagnaChip materially inflated its reported results through various fraudulent accounting practices.
Proceedings in the case were stayed pending MagnaChip's filing of an amended Form 10-K, which took place on February 12, 2015. The Form 10-K quantified the impact of improper accounting practices on the previously reported results for the 2011 and 2012 fiscal periods, and detailed the various means by which the results were misstated. In response to these additional revelations, MagnaChip's stock price fell nearly 50%.
As a result of these further revelations, the complaint will be amended to, among other things, extend the Class Period to include investors who purchased MagnaChip shares from March 12, 2014 through February 12, 2015. The amended complaint will be filed shortly.
If you are a shareholder who purchased MagnaChip securities during any portion of the extended Class Period (March 12, 2014 to February 12, 2015) and have any questions about this action and your rights with respect thereto, a copy of the Amended Complaint currently filed with the Court can be obtained at www.pomerantzlaw.com. A copy of the further amended complaint (with the extended Class Period) will be available shortly. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237, or Wohl & Fruchter LLP (www.wohlfruchter.com) contact J. Elazar Fruchter, Esq., jfruchter@wohlfruchter.com or 866-833-6245 toll free, or the Rosen Law Firm (www.rosenlegal.com) contact Phillip Kim, Esq. or Kevin Chan, Esq. at pkim@rosenlegal.com and kchan@rosenlegal.com, or 866.767.3653, toll free. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.