Magnachip Semiconductor (MX) Delays 10-Q, Restatement to be Material

After the close, Magnachip Semiconductor (NYSE: MX) disclosed that it is unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 within the prescribed time period.

As previously disclosed, the company incorrectly recognized revenue on certain transactions and as a result will restate its financial statements. The Company currently expects to restate its financial statements for each of the first, second and third quarters of 2013 and 2012 and for the years ending 2012 and 2011.

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