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Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against MagnaChip Semiconductor CorporationWILMINGTON, Del. --(Business Wire)-- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX) between January 30, 2013 and March 11, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint"). If you purchased shares of MagnaChip during the Class Period, or purchased shares prior to the Class Period and still hold MagnaChip, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://www.rigrodskylong.com/investigations/magnachip-semiconductor-corporation-mx. MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) the Company lacked adequate controls over financial reporting; (ii) the Company was improperly recognizing revenues; (iii) the Company's prior financial statements required restatement; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period. According to the Complaint, on January 27, 2014, after the close of trading, the Company announced that it would postpone its fourth quarter 2013 earnings release and investor conference call to provide additional time for the Company to complete its review of its financial results for the fourth quarter and full year 2013. Then, on March 11, 2014, the Company issued a press release announcing the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls. On this news, shares in MagnaChip traded as low as $12.50 per share on March 12, 2014, on heavy trading volume. If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
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