Hagens Berman Sobol Shapiro LLP an investor-rights law firm with offices in San Francisco, reminds investors in MagnaChip Semiconductor Corporation (NYSE: MX) (“MagnaChip”) that the lead plaintiff deadline for the securities fraud class action filed in the Northern District of California is May 12, 2014 – not May 5, 2012 as some other firms have advised. Investors who have suffered financial losses can contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000, emailing MX@hbsslaw.com or visiting http://hb-securities.com/investigations/MagnaChip.

The securities fraud class-action lawsuit, filed on March 12, 2014, is on behalf of investors who purchased stock between Jan. 30, 2013 and March 11, 2014 (the “Class Period”) and alleges that the defendant failed to disclose its lack of control over financial reporting and also improperly recognized its revenues. During this time frame MagnaChip issued new stock in two separate offerings.

On Jan. 27, 2014, after the close of trading, MagnaChip announced that it would postpone its fourth quarter 2013 earnings release and investor conference call, previously scheduled for Jan. 28, 2014, to provide additional time for the company to complete its review of financial results for the fourth quarter and full year of 2013. Following this news, MagnaChip shares declined $1.41 per share, or more than eight percent, to close at $16.16 per share on Jan. 28, 2014.

On March 11, 2014, the company issued a press release announcing the need to restate its prior financial statements, as well as identifying material weaknesses in its internal controls. On March 28, 2014 the company announced the termination of the Chief Financial Officer and the postponement of its previously scheduled investor conference. On April 7, 2014, the company announced that it received a notice of noncompliance from the NYSE.

“Investors have suffered large losses from what appears to be significant accounting violations by this company,” said Mr. Kathrein. “Our investigation seeks to discover whether these accounting irregularities were targeted to boost revenue ahead of MagnaChip’s 2013 stock offerings.”

The deadline to file for lead plaintiff in the recently filed securities fraud class action is May 12, 2014.

Persons with non-public information regarding MagnaChip should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hb-securities.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.