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MagnaChip under investigation by law office

Shareholders of a semiconductor product designer recently contacted a law office to look into the company's dealings, which may have breached fiduciary duty. The process may result in a securities class action claim.

Law firm Pomerantz, LLP, announced the investigation of MagnaChip Semiconductor Corporation, after allegations surfaced that the company may have violated the Securities Exchange Act of 1934, specifically Sections 10(b) and 20(a).

MagnaChip filed a Form 8-K document with the Securities and Exchange Commission, which informed the government organization that it had to put off the publishing of its earnings report for the fourth quarter of 2013. The company also noted that it had to postpone its conference call with investors. The reason given for these issues was due to MagnaChip needing more time to finish its financial result review for not only the fourth quarter, but also for the entire year.

On Jan. 28, 2014, when this information became public, the company saw its stock drop to $17.23 per share. This was a decline of approximately 1.94 percent, or $0.34 per share.

For any shareholders who are looking to learn more about the investigation, as well as those who have any information to contribute, it is possible to speak with the law firm. The best contact is Robert Willoughby, and he can be reached by telephone or email.

Another investigation begins
Shareholders also looked to another law firm to potentially find answers regarding whether or not the company is in violation of securities and other related laws. Like the previous investigation, this also may become a class action claim.

Law firm Bronstein, Gewirtz and Grossman, LLC, noted it is investigating MagnaChip due to the allegations that the company's board of directors or officers violated multiple laws. When the company filed the paperwork with the SEC, another stock measure on Jan. 28, 2014 showed a decline of $1.47 per share, or 8.36 percent, to $16.10 per share.

The law office asked that any stockholders who have information that may facilitate the investigation should get in contact. It is also possible for those who are looking to learn more about how the process may affect them to gain the necessary information. Both Eitan Kimelman and Peretz Bronstein are available to be reached, and it is possible to get in touch by telephone or email. Any shareholders who use email should leave their mailing address and telephone.

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