NEW YORK--(BUSINESS WIRE)--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 company'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 hours.
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.
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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.
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