The Rosen Law Firm, P.A. announces that it is investigating potential
securities fraud claims against MagnaChip Semiconductor Corporation
(NYSE:MX) resulting from allegations that the Company may have issued
materially misleading business information to the investing public.
On January 27 2014, MagnaChip announced the postponement of its fourth
quarter 2013 earnings release and investor conference call in order to
provide additional time for the Company to complete its review of its
financial results for the fourth quarter and full year 2013. On this
news, shares of MagnaChip fell $1.41 per share, or approximately 8%, to
close at $16.16 on January 28, 2014.
On March 11, 2014, MagnaChip announced that its Audit Committee had
determined that the Company “incorrectly recognized revenue on certain
transactions.” Consequently, Magna’s financial statements for each of
the fiscal years ended December 31, 2012 and December 31, 2011 and the
quarters ended March 31st, June 30th, and September 30th in 2013 and
2012 should no longer be relied upon and the Company expects to restate
them. On this adverse news, shares of MagnaChip fell in afterhours
trading, damaging investors.
The Rosen Law Firm is preparing class action lawsuit as a result of this
adverse information. If you purchased MagnaChip securities prior to
March 11, 2014, you may visit the website at http://rosenlegal.com.
You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen
Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com
or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
Copyright Business Wire 2014