San Diego, CA -- (SBWIRE) -- 08/28/2012 -- Certain directors and officers of Magna International Inc. are under the investigation over possible breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term stockholders in shares of Magna International Inc. (USA) (NYSE:MGA) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Magna International Inc. (USA) (NYSE:MGA) stocks follows a lawsuit filed earlier against Magna International Inc over alleged securities laws violations.
The investigation on behalf of current long term investors in Magna International Inc. (USA) (NYSE:MGA) stocks concerns whether certain Magna International Inc. officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that Magna International Inc. 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.
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 August 27, 2012, NYSE:MGA shares closed at $44.74 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