San Diego, CA -- (ReleaseWire) -- 04/29/2014 -- An investor, who purchased shares of Magnachip Semiconductor Corp (NYSE:MX), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Magnachip Semiconductor in connection with certain allegedly false and misleading statements made between January 30, 2013 and March 11, 2014.
If you purchased shares of Magnachip Semiconductor Corp (NYSE:MX), you have certain options and for certain investors are short and strict deadlines running. Deadline: May 12, 2014. NYSE:MX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Magnachip Semiconductor Corp (NYSE:MX) between January 30, 2013 and March 11, 2014, that Magnachip Semiconductor and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Magnachip Semiconductor Corp lacked adequate controls over financial reporting, that Magnachip Semiconductor Corp was improperly recognizing revenues, that Magnachip Semiconductor Corp’s prior financial statements required restatement, and that as a result of the foregoing, Magnachip Semiconductor Corp's financial statements were materially false and misleading at all relevant times.
Magnachip Semiconductor Corp reported that its annual Total Revenue rose from $772.83 million in 2011 to $819.59 million in 2012 and that its respective Net Income increased from $21.79 million to $193.30 million.
Shares of Magnachip Semiconductor Corp grew from $5.94 per share in October 2011 to as high as $22.86 per share in September 2013. Since then NYSE:MX shares have lost some value and traded in mid-Janaury at around $18.00 per share
Then on January 27, 2014, Magnachip Semiconductor Corp announced the postponement of its fourth quarter 2013 earnings relsear and conference call. Shares of Magnachip Semiconductor Corp declined from $17.84 per share on January 27, 2014 to $15.50 per share on January 28, 2014.
On March 11, 2014, Magnachip Semiconductor Corp announced that the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls. Shares of Magnachip Semiconductor Corp (NYSE:MX) declined to $12.62 per share on March 12, 2014.
On April 25, 2014, NYSE:MX shares closed at $14.62 per share.
Those who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego