Thieler Law Corp advises investors with losses exceeding $100,000 of the June 20, 2015 lead plaintiff deadline in a class action lawsuit filed against MagnaChip Semiconductor Corporation (NYSE: MS) (“MagnaChip” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of California. Investors, who purchased MagnaChip securities between February 1, 2012 to February 12, 2015 including purchasers of MagnaChip common stock pursuant and/or traceable to MagnaChip’s February 6, 2013 follow-on public stock offering, have until June 20, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased MagnaChip securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 866-6157 or emailing mail@thielerlaw.com.  No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose the inadequacy of its internal controls and procedures over financial reporting.  In detail, the Company failed to disclose that it was improperly recognizing revenues, resulting in its prior financial statements overstating its revenues and earnings in 2011, 2012, and the first nine months of 2013.  Following the defendants’ false statements, MagnaChip securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $23.57 per share on October 21, 2013, and MagnaChip’s controlling shareholder, Avenue Capital Management II, L.P., was able to sell more than 16.1 million MagnaChip shares in secondary stock offerings and on the open market during the Class Period at fraud-inflated prices, receiving $232.675 million in gross proceeds. 

Following a January 2014 disclosure that it could not timely file its annual financial report for fiscal 2013, on March 11, 2014, MagnaChip announced that it would be restating its 2011, 2012 and 2013 financial results after concluding that it had “incorrectly recognized revenue on certain transactions,” stating it “expect[ed] that the primary impact of the correction of prior revenue recognition errors [would] be to recognize revenue on certain transactions in the periods in which the distributor ship[ped] the products to the end customer rather than the periods in which the products [were] shipped to distributors.”  Then on February 12, 2015, after the market closed, MagnaChip filed its Annual Report on Form 10-K with the SEC for the fiscal year ended December 31, 2013, restating its financial results for fiscal years 2011, 2012, and the first three quarters of 2013, resulting in a total reversal of earnings by $142 million, wiping out 55% of its reported profits for those periods.  The complaint alleges that as a result of this news, MagnaChip’s shares plummeted $7.50 per share to close at $7.52 per share on February 13, 2015, a one-day decline of nearly 50%.

If you were negatively impacted by your investment in MagnaChip securities between February 1, 2012 to February 12, 2015 or pursuant and/or traceable to MagnaChip’s February 6, 2013 follow-on public stock offering and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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