SAN FRANCISCO, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP and The Rosen Law Firm, P.A. announce that the United States District Court for the Northern District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of MagnaChip Semiconductor Corp. (NYSE:MX):
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF MAGNACHIP SEMICONDUCTOR CORP. (“MAGNACHIP”) BETWEEN FEBRUARY 1, 2012 AND MARCH 11, 2014, INCLUSIVE
This Settlement pertains to remaining claims against Avenue Capital Management II, L.P. IF YOU ALREADY PROVIDED A PROOF OF CLAIM IN CONNECTION WITH THE PRIOR SETTLEMENT, YOU DO NOT NEED TO SUBMIT ANOTHER. THE NOTICE AND PROOF OF CLAIM FORM ARE AVAILABLE ON THE SETTLEMENT WEBSITE www.strategicclaims.net/MagnaChip, or by calling the Claims Administrator at 1-866-274-4004.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, that a hearing will be held on May 10, 2018, at 2:30 p.m. in Courtroom 9 before the Honorable Jon S. Tigar, United States District Judge of the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102 (the "Settlement Hearing") to determine whether (1) the $6,200,000 Settlement of remaining claims and proposed Plan of Allocation should be approved as fair, reasonable, and adequate; (2) to finally determine whether the Order and Final Judgment as provided under the Stipulation should be entered; (3) to consider the application of Class Counsel for an award of Attorneys’ Fees not to exceed 25% of the Gross Settlement Fund and reimbursement of expenses not to exceed $1,100,000, and for an Award to Class Representatives Keith Thomas and Herb Smith not to exceed $2,000 each; and (4) to consider any objections to the Settlement.
If you already submitted a Proof of Claim to the Claims Administrator in this Action, you need not submit another. If you are a member of the Class and did not previously submit a Proof of Claim to the Claims Administrator in connection with the previous settlement in this Action, you must submit a Proof of Claim and Release postmarked no later than June 9, 2018. Unless you submit a written exclusion request to the Claims Administrator so that it is received no later than April 19, 2018, you will be bound by any judgment rendered in the Action whether or not you have submitted a Proof of Claim. You may object to the Settlement or exclude yourself from the Settlement as provided in the Notice available on www.strategicclaims.net/MagnaChip. Full contact information for the Claims Administrator and Class Counsel is also provided in the Notice.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: January 22, 2018
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
NORTHERN DISTRICT OF CALIFORNIA