An investigation for investors in Magnachip Semiconductor Corp (NYSE:MX) shares over potential securities laws violations by Magnachip Semiconductor was announced and NYSE:MX stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 02/23/2015 --An investigation on behalf of investors of Magnachip Semiconductor Corp (NYSE:MX) shares over potential securities laws violations by Magnachip Semiconductor and certain of its directors and officers in connection certain financial statements was announced.

Investors who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Magnachip Semiconductor Corp (NYSE:MX) concerning whether a series of statements by Magnachip Semiconductor Corp (NYSE:MX regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Magnachip Semiconductor Corp reported that its annual Total Revenue rose from $772.83 million in 2011 to $819.59 million in 2012 and that its respective Net Income increased from $21.79 million to $193.30 million. Shares of Magnachip Semiconductor Corp grew from $5.94 per share in October 2011 to as high as $22.86 per share in September 2013. Since then NYSE:MX shares have lost some value and traded in mid-Janaury at around $18.00 per share

Then on January 27, 2014, Magnachip Semiconductor Corp announced the postponement of its fourth quarter 2013 earnings relsear and conference call. Shares of Magnachip Semiconductor Corp declined from $17.84 per share on January 27, 2014 to $15.50 per share on January 28, 2014.

On March 11, 2014, Magnachip Semiconductor Corp announced that the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls. Shares of Magnachip Semiconductor Corp (NYSE:MX) declined to $12.62 per share on March 12, 2014.

On March 12, 2014, a lawsuit was filed against Magnachip Semiconductor Corp over alleged securities laws violations. The plaintiff alleged that defendants made false and/or misleading statements and/or allegedly failed to disclose that MagnaChip Semiconductor Corporation lacked adequate controls over financial reporting, that MagnaChip Semiconductor Corporation was improperly recognizing revenues, that MagnaChip Semiconductor Corporation's prior financial statements required restatement, and that as a result of the foregoing, MagnaChip Semiconductor Corporation's financial statements were materially false and misleading at all relevant times.

On May 20, 2104, Magnachip Semiconductor Corp announced that Sang Park has retired as Chairman, Chief Executive Officer and Director, effective immediately.

On Nov. 12, 2014, Magnachip Semiconductor Corp announced the completion of an independent internal review into its accounting practices and procedures that was conducted by the Audit Committee of the Company's Board of Directors. Magnachip Semiconductor Corp said that as a result of the preliminary findings of the Investigation, the Company's financial statements for each of the fiscal years ended December 31, 2012 and December 31, 2011 and the quarters ended March 31st, June 30th, andSeptember 30th in 2013 and 2012 included in the Company's 2012 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for 2013, and together with all three, six and nine month financial information contained therein, should no longer be relied upon, and that it will be restating as appropriate its financial statements.

On Jan. 28, 2015, Magnachip Semiconductor Corp announced that it expected to complete and file its Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which will include its restated annual financial statements for the years ended December 31, 2012 and 2011 (and simultaneously complete and file its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2014, June 30, 2014 and September 30, 2014, which will include the corresponding comparative restated financial statements for the quarterly periods ended March 31, 2013, June 30, 2013 and September 30, 2013, respectively, during the week of February 9, 2015, but no later than February 13, 2015.

On Feb. 12, 2015Magnachip Semiconductor Corp announced that it filed with the Securities and Exchange Commission ("SEC") its Annual Report on Form 10-K for the year ended December 31, 2013, which contains audited financial statements of the Company as of and for the years ended December 31, 2013, 2012 and 2011. In addition, Magnachip Semiconductor Corp said that it filed its quarterly reports on Form 10-Q for the first three quarters of 2014.

Shares of Magnachip Semiconductor Corp dropped from $15.12 per share on February 12, 2015, toas low as $6.40 per share on February 13, 2015. In fact since NYSE: MX shares declined from as high as almost $23 per share in September 2013 to under $6 per share on February 20, 2015.

Those who purchased shares of Magnachip Semiconductor Corp (NYSE:MX) have certain options and should contact the Shareholders Foundation.

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