The Shareholders Foundation announces that an investigation on behalf of investors who currently hold shares of Magnachip Semiconductor Corp (NYSE:MX) long-term is ongoing concerning potential wrongdoing by certain Magnachip Semiconductor officers and directors.
Investors who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) in early 2012 or earlier and currently hold any of those Magnachip Semiconductor shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Magnachip Semiconductor officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Shares of Magnachip Semiconductor Corp declined from $22.86 per share in September 2013 to as low as $5.00 per share on March 10, 2105.
On January 27, 2014, Magnachip Semiconductor Corp announced the postponement of its fourth quarter 2013 earnings results and conference call. On March 11, 2014, Magnachip Semiconductor Corp announced that the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls.
On May 20, 2104, Magnachip Semiconductor Corp announced that Sang Park has retired as Chairman, Chief Executive Officer and Director, effective immediately.
On Nov. 12, 2014, Magnachip Semiconductor Corp announced the completion of an independent internal review into its accounting practices and procedures that was conducted by the Audit Committee of the Company’s Board of Directors. Magnachip Semiconductor Corp said that as a result of the preliminary findings of the Investigation, the Company’s financial statements for each of the fiscal years ended December 31, 2012 and December 31, 2011 and the quarters ended March 31st, June 30th, andSeptember 30th in 2013 and 2012 included in the Company’s 2012 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for 2013, and together with all three, six and nine month financial information contained therein, should no longer be relied upon, and that it will be restating as appropriate its financial statements.
On Jan. 28, 2015, Magnachip Semiconductor Corp announced that it expected to complete and file its Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which will include its restated annual financial statements for the years ended December 31, 2012 and 2011 (and simultaneously complete and file its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2014, June 30, 2014 and September 30, 2014, which will include the corresponding comparative restated financial statements for the quarterly periods ended March 31, 2013, June 30, 2013 and September 30, 2013, respectively, during the week of February 9, 2015, but no later than February 13, 2015.
On Feb. 12, 2015 Magnachip Semiconductor Corp announced that it filed with the Securities and Exchange Commission (“SEC”) its Annual Report on Form 10-K for the year ended December 31, 2013, which contains audited financial statements of the Company as of and for the years ended December 31, 2013, 2012 and 2011. In addition, Magnachip Semiconductor Corp said that it filed its quarterly reports on Form 10-Q for the first three quarters of 2014.
On March 23, 2015, NYSE:MX shares closed at $5.78 per share.
Those who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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