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WITES & KAPETAN ANNOUNCES INVESTIGATION OF MAGNACHIP SEMICONDUCTOR CORPORATION (MX)

On March 11, 2013 after the market closed, MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX) disclosed in a filing with the Securities and Exchange Commission (SEC) that as a result of incorrectly recognizing revenue, the Company will be restating its financial statements for each of the fiscal quarters and years in 2011 and 2012 and the first three quarters in 2013.   The Company’s SEC filing states, in pertinent part, as follows: “On March 6, 2014, the Audit Committee of the Company’s Board of Directors determined that the Company incorrectly recognized revenue on certain transactions and as a result will...

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