Pomerantz LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of MagnaChip Semiconductor Corp. -- MX

SAN FRANCISCO, Aug. 01, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the Northern District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of MagnaChip Semiconductor Corp. (NYSE:MX):

SUMMARY NOTICE OF PENDENCY AND PROPOSED PARTIAL SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF MAGNACHIP SEMICONDUCTOR CORP. (“MAGNACHIP”) BETWEEN FEBRUARY 1, 2012 AND FEBRUARY 12, 2015, INCLUDING PURCHASERS OF MAGNACHIP COMMON STOCK PURSUANT AND/OR TRACEABLE TO MAGNACHIP’S FEBRUARY 6, 2013 FOLLOW-ON PUBLIC STOCK OFFERING

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, that a hearing will be held on November 21, 2016 at 2:00 p.m. in Courtroom 9 before the Honorable Jon S. Tigar, United States District Judge of the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102 (the "Settlement Hearing"): (1) to determine whether the Settlement, consisting of the sum of $23,500,000.00 (Twenty-Three Million Five Hundred Thousand Dollars and Zero Cents) in cash should be approved by the Court as fair, reasonable, and adequate; (2) to finally determine whether the Order and Final Judgment as provided under the Stipulation should be entered, dismissing the Complaint on the merits and with prejudice, and to determine whether the release by the Settlement Class of the Released Persons, as set forth in the Stipulation, should be ordered, along with a permanent injunction barring efforts to bring any Released Claims extinguished by the Settlement against any Released Persons; (3) to finally determine whether the proposed Plan of Allocation for the distribution of the Net Settlement Fund is fair and reasonable and should be approved by the Court; (4) to consider the application of Lead Plaintiff’s Counsel on behalf of themselves and Plaintiffs’ Counsel for an award of Attorneys’ Fees in an amount not to exceed 25% of the Gross Settlement Fund and an award of expenses of not more than $235,000.00, and for an Award to Lead Plaintiff Keith Thomas of no more than $1,500.00; (5) to consider Settlement Class Members’ objections to the Settlement, whether submitted previously in writing or presented orally at the Settlement Hearing by Settlement Class Members (or by counsel on their behalf); and (6) to rule upon such other matters as the Court may deem appropriate.

If you purchased common stock of MagnaChip between February 1, 2012 and February 12, 2015, including common stock purchased pursuant and/or traceable to MagnaChip’s February 6, 2013 follow-on public stock offering, your rights may be affected by the Settlement of this Action. If you have not received a copy of the Notice of Pendency and Proposed Partial Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to MagnaChip Semiconductor Corp. Securities Litigation c/o Strategic Claims Services, Claims Administrator, P.O. Box 230, 600 North Jackson Street – Suite 3, Media, PA 19063; by calling the Claims Administrator at 1-866-274-4004; or by visiting the Claims Administrator’s website at www.strategicclaims.net/MagnaChip. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than December 21, 2016, establishing that you are entitled to recovery to the Claims Administrator. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you submit a Proof of Claim and Release. If you desire to be excluded from the Class, you must submit a request for exclusion to the Claims Administrator, so that it is received no later than October 31, 2016, in the manner and form explained in the detailed Notice of Pendency and Proposed Partial Settlement of Class Action.

Any objection to the Settlement, Plan of Allocation, Lead Plaintiff’s Counsel’s request for an award of Attorneys’ Fees and Expenses, or request for an Award to Lead Plaintiff must be in the manner and form explained in the detailed Notice of Pendency and Proposed Partial Settlement of Class Action and so that it is received no later than October 31, 2016, to each of the following:

The Court

Clerk of the Court
United States District Court
Northern District of California
450 Golden Gate Avenue
San Francisco, CA 94102-3489
Counsel for Lead Plaintiff and the
Settlement Class

Marc I. Gross, Esq.
Michael J. Wernke, Esq.
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY 10016
MagnaChip’s Counsel

Daniel J. Kramer, Esq.
Jacqueline P. Rubin, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064

If you have any questions about the Settlement, you may call or write to Lead Plaintiff's Counsel:

Michael J. Wernke, Esq.
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY 10016
Tel.: (212) 661-1100
Fax: (212) 661-8665

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: JULY 18, 2016
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
NORTHERN DISTRICT OF CALIFORNIA

Source:Pomerantz Grossman Hufford Dahlstrom & Gross LLP