San Diego, CA -- (SBWIRE) -- 06/27/2012 -- A deadline is coming up on July 4, 2012 in the lawsuit filed for investors in NYSE:MGA shares over alleged securities laws violations by Magna International Inc.
Investors with a substantial investment in Magna International Inc. (USA) (NYSE:MGA) shares between January 12, 2011 and August 5, 2011, should get active before the Deadline that is coming up on July 4, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Magna International Inc. (USA) (NYSE:MGA) common stock during the period between January 12, 2011 and August 5, 2011, Magna International Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that defendants issued between January 12, 2011 and August 5, 2011 allegedly materially false and misleading statements regarding Magna International's business and prospects.
Then on August 5, 2011, Magna International Inc reported its financial results for the second quarter ended June 30, 2011.
The plaintiff alleges that the Company announced net income of $282 million, or $1.15 per diluted common share, significantly less than Wall Street estimates.
NYSE:MGA shares declined from over $54 in July 2011 to as low as $33.58 in August 2011.
On June 26, 2012, NYSE:MGA shares closed at $39.12 per share.
Those who purchased shares of Magna International Inc. (USA) (NYSE:MGA), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego