NEW YORK, May 15, 2015 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of MagnaChip Semiconductor Corporation (NYSE: MX) between February 1, 2012 and February 12, 2015.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Northern District of California. If you purchased or otherwise acquired MagnaChip Semiconductor Corporation ("MagnaChip") securities between February 1, 2012 and February 12, 2015, your rights may be affected by this action. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that MagnaChip failed to disclose that it improperly recognized revenues, resulting in the overstatement of revenues and earnings in financial statements from 2011, 2012, and the first nine months of 2013. As a result of the aforementioned, MagnaChip traded at artificially inflated prices, allowing controlling shareholder Avenue Capital Management II, L.P. to sell more than 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, 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 NYSE that it is no longer compliant with listing requirements.
If you suffered a loss in MagnaChip you have until June 22, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP