Levi & Korsinsky announces that a class action lawsuit has commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Magna International Inc. (“Magna” or the “Company”) (NYSE: MGA) securities between January 12, 2011 and August 5, 2011.
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The complaint alleges that during the Class Period Magna and certain of its executives issued materially false and misleading statements regarding the Company’s business and financial results. In particular, the complaint alleges that the Company (i) entered into long-term European customer contracts at steeply discounted prices; (ii) was experiencing ongoing undisclosed quality control issues at its European facilities that resulted in higher production costs; (iii) that Magna was experiencing a significant decline in its European margins; (iv) that defendants’ representations about the Company’s disclosure controls were materially false and misleading; and (v) that defendants lacked a reasonable basis for their positive statements about the Company’s European operations and business prospects. In response to the news about the Company’s European operations, the price of Magna common stock dropped from $44.24 per share on August 4, 2011 to $39.42 on August 5, 2011.
If you suffered a loss in Magna you have until July 3, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/magnainternational-mga.Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.