Magnachip Semiconductor Corporation (NYSE: MX) Investor Securities Class Action Lawsuit 03/12/2014

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Company Name(s): 
Magnachip Semiconductor
Case Name: 
Magnachip Semiconductor Shareholder Class Action Lawsuit 03/12/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: MX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/12/2014
Class Period Begin: 
02/01/2012
Class Period End: 
03/11/2014
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
05/12/2014
Date Settled: 
01/22/2018
Settlement Amount: 
$6,200,000
Deadline to Participate in Settlement: 
06/09/2018
Summary: 

May 17, 2018 - The court approved the settlement.

May 15, 2018 - The court entered the order approving the motion for attorneys’ fees and expense.

May 10, 2018 - The court held a final settlement hearing.

January 22, 2018 - The court preliminarily approved the settlement between lead plaintiff and certain defendant.

August 22, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

July 6, 2017 - Parties (lead plaintiff and certain defendant) filed a stipulation of settlement.

November 21, 2016 - The court approved the settlement, the plan of allocation and the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

July 18, 2016 - The court preliminarily approved the settlement.

February 5, 2016 - Parties filed a stipulation of settlement.

December 10, 2015 - The parties agreed in principle to settle.

June 15, 2015 - The court ordered one more case was consolidated and the lead plaintiff shall continue to serve as lead plaintiff.

March 16, 2015 - The lead plaintiff filed a third amended complaint.

October 1, 2014 - The lead plaintiff filed a corrected second amended complaint on behalf of investors who purchased MX common shares between February 1, 2012 and March 11, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 1, 2012 and March 11, 2014.

September 30, 2014 - The lead plaintiff filed an amended complaint.

July 3, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

May 12, 2014 - A lead plaintiff motion was filed.

March 12, 2014 - An investor in shares of MagnaChip Semiconductor Corporation (NYSE: MX) filed a lawsuit in the U.S. District Court for the Northern District of California against MagnaChip Semiconductor Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 30, 2013 and March 11, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of MagnaChip Semiconductor Corporation (NYSE: MX) between January 30, 2013 and March 11, 2014, that MagnaChip Semiconductor Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that MagnaChip Semiconductor Corporation lacked adequate controls over financial reporting, that MagnaChip Semiconductor Corporation was improperly recognizing revenues, that MagnaChip Semiconductor Corporation’s prior financial statements required restatement, and that as a result of the foregoing, MagnaChip Semiconductor Corporation's financial statements were materially false and misleading at all relevant times.

MagnaChip Semiconductor Corporation reported that its annual Total Revenue rose from $772.83 million in 2011 to $819.59 million in 2012 and that its respective Net Income increased from $21.79 million to $193.30 million.

Shares of MagnaChip Semiconductor Corporation (NYSE: MX) grew from $5.94 per share in October 2011 to as high as $22.86 per share in September 2013. Since then NYSE: MX shares have lost some value and traded in mid-January at around $18.00 per share.

Then on January 27, 2014, MagnaChip Semiconductor Corporation announced the postponement of its fourth quarter 2013 earnings release and conference call. Shares of MagnaChip Semiconductor Corporation declined from $17.84 per share on January 27, 2014 to $15.50 per share on January 28, 2014.

On March 11, 2014, MagnaChip Semiconductor Corporation announced that the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls. Shares of MagnaChip Semiconductor Corporation (NYSE: MX) declined to $12.62 per share on March 12, 2014.