Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In MagnaChip Semiconductor Corporation (MX) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX).
The investigation focuses on whether MagnaChip and its executives violated federal securities laws by failing to disclose that the Company had improperly recognized revenues, resulting in the overstatement of revenues and earnings.
On February 12, 2015, the Company filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2013, restating its financial results for fiscal years 2011, 2012, and the first three quarters of 2013. On April 1, 2015, the Company received notice from the New York Stock Exchange that it is no longer compliant with listing requirements.
Controlling shareholder Avenue Capital Management II, L.P. was able to sell more than 16.1 million shares in secondary stock offerings for $232.675 million in gross proceeds during the subsequently restated period.
If you invested in MagnaChip stock or options between February 1, 2012 and February 12, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding MagnaChip’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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