|By PR Newswire||
|March 14, 2014 05:00 PM EDT||
WAYNE, Pa., March 14, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of common stock of MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX) between January 30, 2013 and March 11, 2014, inclusive (the "Class Period").
If you purchased shares of MagnaChip and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/mx. You may also email Mr. Maniskas at [email protected].
MagnaChip Semiconductor Corporation designs and manufactures analog and mixed-signal semiconductor products for high-volume consumer applications. MagnaChip Semiconductor Corporation provides its products and services to consumer electronics OEMs, subsystem designers, and contract manufacturers through a direct sales force, as well as through a network of authorized agents and distributors in the United States, Korea, Taiwan, China, Japan, Hong Kong, and Macau.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) the Company lacked adequate controls over financial reporting; (2) the Company was improperly recognizing revenues; (3) the Company's prior financial statements required restatement; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On January 27, 2014, MagnaChip announced that it would postpone its fourth quarter 2013 earnings release to provide additional time for MagnaChip to complete a review of its financial results. As a result of this news, MagnaChip stock dropped 13% down to $15.27 per share on January 28, 2014. Then, on March 11, 2014, MagnaChip disclosed that its Audit Committee had found material weaknesses in internal controls over financial reporting and other accounting improprieties relating to MagnaChip's recognition of revenue on sales to distributors, and stated that MagnaChip would be required to restate its financial results dating back to 2011. As a result of this news, MagnaChip's stock dropped another 13% down to $12.50 per share.
If you are a member of the class, you may, no later than May 12, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
SOURCE Ryan & Maniskas, LLP
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