Magna International Inc. (USA) (NYSE:MGA) Long Term Investor Alert: Investigation

An investigation on behalf of current long term investors in Magna International Inc. (USA) (NYSE:MGA) shares over possible breaches of fiduciary duty by certain officers and directors of Magna International Inc. was announced and NYSE:MGA stockholders should contact the Shareholders Foundation.

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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.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Media Relations Contact

Joelle Day
Media and Client Relations Manager
Shareholders Foundation, Inc.
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/160787