magnachip semiconduct (MX) Key Developments
MagnaChip Semiconductor and SENIS Sign Patent License Agreement
Jun 16 14
MagnaChip Semiconductor Corporation announced that it has signed a patent license agreement with SENIS AG. With the agreement, MagnaChip acquires the right to use a portfolio of SENIS' patents covering magnetic field and current measurement technologies in its sensor products. MagnaChip expects the agreement to significantly strengthen the company's existing initiatives in sensors and allow development of sensor solutions for new industrial and consumer applications. MagnaChip's existing portfolio of sensors includes the e-Compass and MXM11XX Digital Hall sensor family.
MagnaChip Semiconductor Corporation Announces Management Changes
May 20 14
MagnaChip Semiconductor Corporation announced that Sang Park, 67, has retired as Chairman, Chief Executive Officer and Director, effective immediately. The board has appointed Young-Joon (YJ) Kim, MagnaChip's Executive Vice President and General Manager of the Display Solutions Division, to serve as interim Chief Executive Officer. Mr. Kim, a 25-year veteran of the semiconductor industry, will also retain his existing responsibilities. MagnaChip's board has separated the roles of Chairman and CEO and appointed R. Douglas Norby, Chairman of the Audit Committee, to the position of non-executive Chairman. The board will immediately begin the search for a permanent CEO and will be engaging a prominent international search firm to lead the recruitment effort. Mr. Norby has been a member of MagnaChip's Board of Directors and the Chairman of the Audit Committee since March 2010 and also served in these roles from May 2006 to October 2008. Mr. Kim has served as MagnaChip's Executive Vice President and General Manager of Display Solutions Division since May 2013. He joined MagnaChip from Cavium Inc., where he was Vice President of the Infrastructure Processor Division and General Manager of the Multi-core Processor Group.
MagnaChip Semiconductor Corporation announced delayed 10-Q filing
May 12 14
On 05/12/2014, MagnaChip Semiconductor Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
Levi & Korsinsky, LLP Reminds Investors of Class Action Against MagnaChip Semiconductor Corporation
May 6 14
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased MagnaChip Semiconductor Corporation common stock between January 30, 2013 and March 11, 2014.
MagnaChip Semiconductor Receives Notice From NYSE Due To Failure To Satisfy A Continued Listing Rule Or Standard And Related Monitoring
Apr 4 14
On April 2, 2014, MagnaChip Semiconductor Corporation received from NYSE Regulation, Inc. (the “NYSE”) a notice of failure to satisfy a continued listing rule or standard and related monitoring. This notice informed the Company that, as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2013, the Company is subject to the procedures specified in Section 802.01E (SEC Annual Report Timely Filing Criteria) of the NYSE Listed Company Manual. As previously disclosed by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2014 and Form 12b-25 filed with the SEC on March 17, 2014, the Audit Committee of the Company’s Board of Directors determined that the Company incorrectly recognized revenue on certain transactions and as a result will restate its financial statements for each of the first, second and third quarters of 2013, all quarters in 2012 and for the years ending 2012 and 2011, which resulted in the Company’s inability to timely file its 2013 Annual Report on Form 10-K. The 2013 Form 10-K was initially due March 17, 2014, and the Company failed to make the filing after timely filing a Form 12b-25 with the SEC within the fifteen-day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended, which ended April 1, 2014 (for purposes of Section 802.01E of the NYSE Listed Company Manual, the later of these dates is referred to as the “Filing Due Date”). The NYSE has notified the Company that under the Section 802.01E procedures, the NYSE will monitor the status of the filing of the 2013 Form 10-K and related public disclosures for up to a six-month period from its Filing Due Date (until October 1, 2014). If the Company has not filed the 2013 Form 10-K within six months from the Filing Due Date, the NYSE may, in its sole discretion, allow the Company’s common stock to trade for up to an additional six months pending the filing of the 2013 Form 10-K prior to commencing suspension or delisting procedures, depending on the Company’s specific circumstances. The letter from the NYSE also notes that the NYSE may commence delisting proceedings at any time during the extension period if the circumstances warrant. The Company and its advisors are working diligently to complete the previously announced internal review and restatement. While substantial progress has been made, it is expected that this review and work with regard to the previously announced restatement will take several more months, and the Company is currently unable to estimate when it will be in a position to file its 2013 Form 10-K.