STEVENSON, Md., June 15, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX ) securities during the period between February 1, 2012 and February 12, 2015 (the “Class Period”), including purchasers of MagnaChip common stock pursuant and/or traceable to MagnaChip’s February 6, 2013 follow-on public stock offering (“Offering”). Investors who wish to become proactively involved in the litigation have until June 22, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in MagnaChip securities purchased on or after February 1, 2012 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose during the Class Period and in connection with the Offering that the Company was improperly recognizing revenues and overstated its revenues and earnings for 2011, 2012 and the first nine months of 2013. According to the complaint, following a January 2014 disclosure by the Company that it could not timely file its annual financial report for fiscal 2013 and that it would be restating its 2011, 2012 and 2013 financial results after concluding that it had incorrectly recognized revenue on certain transactions, and following a February 12, 2015 filing by MagnaChip restating its financial results for fiscal years 2011, 2012, and the first three quarters of 2013, the value of MagnaChip shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
