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Magna International Inc (USA) (NYSE: MAG) Investor Securities Class Action Lawsuit 05/04/2012

  • If you purchased shares of Magna International Inc (USA) (NYSE: MGA), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Magna International Inc. (USA)
Security
NYSE: MGA

Case Name
Magna International Shareholder Class Action Lawsuit 05/04/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 30, 2014 - The U.S. Court of Appeals for the Second Circuit granted the lead plaintiff's motion.
January 16, 2014 - The lead plaintiff filed a motion to voluntarily dismiss the appeal.

September 20, 2013 - The lead plaintiff filed a notice of appeal.

August 23, 2013 - The court granted defendants' motions to dismiss.

January 11, 2013 - The defendants filed motions to dismiss.

October 1, 2012 - The lead plaintiff filed an amended class action complaint on behalf of investors who purchased Magna International Inc (USA) (NYSE: MGA) common shares between August 6, 2010 to August 5, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 6, 2010 to August 5, 2011.

July 31, 2012 -The lead plaintiff and lead counsel were appointed.

July 3, 2012 - Lead plaintiff motion was filed.

May 4, 2012 - An investor in shares of Magna International Inc (USA) (NYSE: MGA) filed a lawsuit in the U.S. District Court for the Southern District of New York against Magna International Inc (USA) over alleged Violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.

According to the complaint the plaintiff alleges on behalf of purchasers of Magna International Inc (USA) common stock during the period between January 12, 2011 and August 5, 2011, Magna International Inc (USA) and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that defendants issued between January 12, 2011 and August 5, 2011 allegedly materially false and misleading statements regarding Magna International Inc (USA)'s business and prospects.

Magna International Inc (USA) reported that its annual Revenue rose from $16.87billion in 2009 to $28.74billion in 2011 and its Net Loss of $453million in 2009 turned into a Net Income of $1.01billion in 2011.

Shares of Magna International Inc (USA) increased after 2:1 split on November 26, 2010 to as high as $59.71 per share in January 7, 2011.

Then on Magna International Inc (USA) reported its financial results for the second quarter ended June 30,2011.

The plaintiff alleges that the Company announced net income of $282 million, or $1.15 per diluted common share, significantly less than Wall Street estimates.

Magna International Inc (USA) shares declined from over $54 in July 2011 to as low as $33.58 in August 2011.

Magna International Inc (USA) (NYSE: MGA) shares closed 2011 at $33.31 per share. Over the course of the the first months in 2012 Magna International Inc (USA) shares were able to regain value and reached in early March over $48 per share.

On May 3, 2012, Magna International Inc (USA) shares closed at $42.59 per share.