SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

June 08, 2015 16:51 ET

MAGNACHIP INVESTOR NOTICE: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in MagnaChip Semiconductor Corporation (MX) to Contact the Firm Before Imminent Lead Plaintiff Deadline

NEW YORK, NY--(Marketwired - June 08, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX) of the June 22, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against MagnaChip and certain officers. A complaint has been filed against MagnaChip in the United States District Court for the Northern District of California.

The complaint claims that the Company and its executives violated federal securities laws by overestimating the amount of revenues and earnings during the 2011, 2012, and 2013 fiscal years. Due to these incorrect financial statements, the artificially inflated share prices allowed the Company to sell 16.1 million shares in secondary stock offerings for $232.675 million in gross proceeds.

On February 12, 2015, the Company filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2013, confirming the incorrectness of its financial statements in the fiscal years of 2011 and 2012 as well as the first nine months of 2013. As a result, on April 1, 2015, the NYSE labeled MagnaChip non-compliant with its listing requirements.

Request more information now by clicking here: www.faruqilaw.com/MX. There is no cost or obligation to you.

Take Action

If you invested in MagnaChip stock or options between February 1, 2012 and February 12, 2015, and would like to discuss your legal rights, visit www.faruqilaw.com/MX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding MagnaChip's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    Email contact
    Telephone: (877) 247-4292
    or (212) 983-9330