NEW YORK, NY / ACCESSWIRE / June 16, 2021 / The following statement is being issued by Levi & Korsinsky, LLP:
To: All Persons or Entities who purchased Magnachip Semiconductor Corporation ('Magnachip' or the 'Company') (NYSE:MX) stock prior to March 25, 2021.
You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Magnachip to investment vehicles established by Wise Road Capital LTD and certain of its limited partners ('Wise Road'). Under the terms of the merger agreement, Magnachip shareholders will receive $29.00 in cash per share they own.
The Magnachip merger investigation concerns whether the Board of Magnachip has breached its fiduciary duties in connection with the deal. In particular, on June 11, 2021, Magnachip announced that it had received an unsolicited proposal from Cornucopia Investment Partners on behalf of itself and a group of investors, including financial sponsors led by Mr. Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company Limited and Lombarda China Fund, to acquire all of the outstanding shares of Magnachip common stock for $35.00 per share in cash. Market observers have noted that this latest bid offers significantly greater value than the Wise Road deal. Nevertheless, the Magnachip Board has not terminated the Wise Road transaction, or even recognized the subsequent proposal as a superior offer.
To learn more about the action and your rights, go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500. There is no cost or obligation to you.
Levi & Korsinsky is a nationally recognized firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
SOURCE: Levi & Korsinsky, LLP
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