|By PR Newswire||
|April 8, 2014 01:56 PM EDT||
PHILADELPHIA, April 8, 2014 /PRNewswire/ -- Cohen, Placitella and Roth, PC is investigating claims on behalf of investors who purchased MagnaChip Semiconductor Corporation ("MagnaChip" or "Company") (NYSE: MX) stock between January 30, 2013 and March 11, 2014, inclusive ("Class Period"). The investigation concerns whether MagnaChip disseminated materially false and/or misleading information to investors in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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. Following this news, on January 28, 2014, the price of MagnaChip stock dropped over 8% down to $16.16 per share. Then, on March 11, 2014, MagnaChip disclosed that the audit committee of its board of directors had found material weaknesses in the Company's internal controls over financial reporting and other accounting improprieties relating to MagnaChip's recognition of revenue on sales to distributors. The accounting improprieties, the Company disclosed, will force it to restate its financial results for 2011, 2012 and 2013. In response to this further disclosure, MagnaChip's stock dropped another 13% to trade as low as $12.50 per share. In addition, as a direct result of these accounting issues, on March 28, 2014, MagnaChip announced the resignation of the Chief Financial Officer and the postponement of its Annual Investor Conference.
If you have any information on MagnaChip's internal control deficiencies, its accounting improprieties or its restatement or you wish to consider serving as lead plaintiff, please contact Eduardo A. Texidor, Jr., no later than May 5, 2014, at [email protected] or, toll free, at 1-888-375-7600. For those investors inquiring via email, please be sure to include "MagnaChip Semiconductor" in the subject line, the number of shares purchased, and your mailing address and telephone number.
Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a testament to professional excellence." Since the inauguration of its "Best Law Firms"' edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth's as one of the top-tier class action law firms in the country.
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