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Stock Market & Financial Investment News

News Breaks
March 31, 2014
10:00 EDTMXMagnaChip falls 6%
MagnaChip is down 6%, or 87c, to $13.65
News For MX From The Last 14 Days
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November 12, 2014
18:29 EDTMXOn The Fly: After Hours Movers
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17:20 EDTMXMagnaChip announces completion of audit committee investigation
MagnaChip announced the completion of an independent internal review into the company's accounting practices and procedures that was conducted by the Audit Committee of the company's board. Legal counsel engaged by the Audit Committee to conduct the Investigation, with the assistance of outside forensic accountants, has recently reported to the Audit Committee and the board that the Investigation, which began in January, has been completed. In addition to the investigation, management has also concurrently undertaken a comprehensive review of the company's accounting practices during the restatement periods in connection with the preparation of restated financial statements, including a company-wide review of its revenue recognition practices and policies, and to date has identified certain additional errors and adjustments that it expects to correct as part of the restatement. When completed, the restatement will correct the accounting errors that were identified during the Investigation and review process. Due to the ongoing nature of the company's internal review and restatement process, the company cannot at this time provide an estimate of the individual or net effect of these errors and adjustments for any given period, but currently expects that the impact of some of the adjustments on certain periods in the restatement periods will be material. The company filed to delay its 10-Q. Shares are down nearly 2% after-hours to $11.25 following the announcement.

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