SAN DIEGO, May 5, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Magnachip Semiconductor Corp (NYSE:MX) over alleged Violations of Federal Securities Laws by Magnachip Semiconductor in connection with certain allegedly false and misleading statements.
Investors of shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 22, 2015. NYSE:MX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between February 1, 2012 and February 12, 2015 Magnachip Semiconductor allegedly failed to disclose that it was improperly recognizing revenues, resulting in its prior financial statements overstating its revenues and earnings in 2011, 2012, and the first nine months of 2013 and that as a result of defendants’ statements, Magnachip Semiconductor (NYSE:MX) securities traded at allegedly artificially inflated prices between February 1, 2012 and February 12, 2015, with its stock price reaching a high of $23.57 per share on October 21, 2013, and that MagnaChip Semiconductor’s controlling shareholder, Avenue Capital Management II, L.P., was able to sell more than 16.1 million MagnaChip Semiconductor shares in secondary stock offerings and on the open market between February 1, 2012 and February 12, 2015 at allegedly fraud-inflated prices, receiving $232.675 million in gross proceeds.
On March 11, 2014, Magnachip Semiconductor announced the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls.
On May 20, 2014, Magnachip Semiconductor announced that Sang Park has retired as Chairman, Chief Executive Officer and Director, effective immediately.
On February 12, 2015 Magnachip Semiconductor announced that it filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2013, restating its financial results for fiscal years 2011, 2012, and the first three quarters of 2013.
Shares of Magnachip Semiconductor declined to as low as $4.89 per share on March 18, 2015.
On May 4, 2015, Magnachip Semiconductor announced that Tae Young Hwang has resigned as the Company's Chief Operating Officer and President and from all other officer and director positions with the Company and its subsidiaries.
Those who purchased NYSE:MX shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.