Rigrodsky & Long, P.A.:
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Do you, or did you, own shares of MagnaChip Semiconductor
Corporation (NYSE: MX)?
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Did you purchase your shares before January 30, 2013, or between
January 30, 2013 and March 11, 2014, inclusive?
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Did you lose money in your investment in MagnaChip Semiconductor
Corporation?
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Do you want to discuss your rights?
Rigrodsky
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the Northern District of
California on behalf of all persons or entities that purchased the
common stock of MagnaChip Semiconductor Corporation (“MagnaChip” or the
“Company”) (NYSE: MX)
between January 30, 2013 and March 11, 2014, inclusive (the “Class
Period”), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the “Complaint”).
If you purchased shares of MagnaChip during the Class Period, or
purchased shares prior to the Class Period and still hold MagnaChip, and
wish to discuss this action or have any questions concerning this notice
or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to info@rl-legal.com; or
at: http://www.rigrodskylong.com/investigations/magnachip-semiconductor-corporation-mx.
MagnaChip is a Korea-based designer and manufacturer of analog and
mixed-signal semiconductor products for high-volume consumer
applications. The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and omitted
materially adverse facts, about the Company’s business, operations and
prospects. Specifically, the Complaint alleges that the defendants
concealed from the investing public that: (i) the Company lacked
adequate controls over financial reporting; (ii) the Company was
improperly recognizing revenues; (iii) the Company’s prior financial
statements required restatement; and (iv) as a result of the above, the
Company’s financial statements were materially false and misleading at
all relevant times. As a result of defendants’ false and misleading
statements, the Company’s stock traded at artificially inflated prices
during the Class Period.
According to the Complaint, on January 27, 2014, after the close of
trading, the Company announced that it would postpone its fourth quarter
2013 earnings release and investor conference call to provide additional
time for the Company to complete its review of its financial results for
the fourth quarter and full year 2013. Then, on March 11, 2014, the
Company issued a press release announcing the need to restate its prior
financial statements, as well as identifying material weaknesses in its
internal controls.
On this news, shares in MagnaChip traded as low as $12.50 per share on
March 12, 2014, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than May 12, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member’s claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
While Rigrodsky
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Copyright Business Wire 2014