NEW YORK, April 24, 2015 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX), concerning whether the board has breached its fiduciary duties to shareholders.
On March 11, 2014, MagnaChip disclosed that it had determined it would need to restate a number of previously issued financial statements and that the financial statements should no longer be relied on. On February 12, 2015, the Company finally filed its restated Form 10-K for the fiscal year ended December 31, 2013. Among other things, the Company's previously reported net income of $21.8 million for 2011 was now restated as a loss of $11.3 million. MagnaChip's previously reported $193 million in net income for 2012 was now restated as $110 million. In reaction to this news, MagnaChip shares fell nearly 50% per share on February 13, 2015.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own MagnaChip shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Email: [email protected]
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Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP