June 28, 2012
/PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has commenced in the United States District Court for the Southern District of
on behalf of investors who purchased Magna International Inc. ("Magna" or the "Company") (NYSE: MGA) securities between
January 12, 2011
August 5, 2011
For more information, click here:
. There is no cost or obligation to you.
The complaint alleges that 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
per share on
August 4, 2011
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
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in
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.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY
10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171
SOURCE Levi & Korsinsky