The law firm of Wohl & Fruchter LLP is investigating possible violations
of federal securities laws by officers and directors of MagnaChip
Semiconductor Corporation (Magna) (NYSE: MX).
On March 11, 2014, after close of trading, Magna announced that it was
pulling its fourth-quarter guidance, would delay issuing full-year
results, and would restate financial results as far back as 2011, after
an audit committee found errors in the way the company recognized
revenue on certain transactions. More specifically, Magna explained that
revenue on certain transactions was improperly recorded when products
were shipped to a distributor instead of being recognized when the
distributor shipped the product to a customer.
Magna further announced that it has appointed Jonathan W. Kim as the
compny's new chief accounting officer to assist with the restatement.
Magna added that Chief Financial Officer Margaret Sakai will no longer
serve as the company's principal accounting officer.
Upon the above news, the price of MX stock has dropped sharply after
Persons with relevant information, and MX shareholders with questions
about this investigation, are invited to contact the attorney below, or
our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/mx.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from
fraud and other fiduciary breaches by corporate managers, as well as
other complex litigation matters. Please visit our website, www.wohlfruchter.com,
to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
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