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.
For more information, click here: http://zlk.9nl.com/magna-international-mga.
There is no cost or obligation to you.
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 jlevi@zlk.com
or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/magna-international-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.
