Defendant Name:
MagnaChip Semiconductor Corporation
Defendant Type:
Public Company
SIC Code:
3674
CUSIP:
55933J20
Initial Case Details
Legal Case Name
In the Matter of MagnaChip Semiconductor Corporation and Margaret Hye-Ryoung Sakai
First Document Date
01-May-2017
Initial Filing Format
Administrative Action
File Number
3-17956
Allegation Type
Issuer Reporting and Disclosure
AAER
3869
Violations Alleged
Additionally,
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Rule 12b-20 of the Exchange Act.
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Sec 13(a) of the Exchange Act.
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Rule 13a-1 of the Exchange Act.
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Rule 13a-11 of the Exchange Act.
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Rule 13a-13 of the Exchange Act.
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Margaret Hye-Ryoung Sakai is alleged to have caused MagnaChip Semiconductor Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Resolutions
First Resolution Date
01-May-2017
Related Documents:
33-10352
01-May-2017
Administrative Proceeding
Instituting Public Administrative And Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and Cease-and-Desist Orders
The SEC stated: "This matter involves accounting practices at MagnaChip Semiconductor Corp., which violated the antifraud, books and records and internal control provisions of the federal securities laws. MagnaChip is a South-Korea-based semiconductor company which has been publicly traded in the United States since its Initial Public Offering ("IPO") in 2011. Shortly after its IPO, MagnaChip began engaging in a variety of practices to inappropriately inflate its revenues and meet the gross margin targets it previously had announced to the public."
2017-88
01-May-2017
Press Release--Administrative Proceeding
Semiconductor Company and Former CFO Settle Accounting Fraud Charges
According to the SEC: "The SEC's order finds that MagnaChip Semiconductor Corp. overstated revenues for nearly two years in response to immense pressure placed on employees each quarter to meet revenue and gross margin targets that had been communicated to the public."
34-83437
14-Jun-2018
Administrative Proceeding
Order Appointing Tax Administrator
According to the SEC: ". . . IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the [Qualified Settlement Fund] in the above-referenced proceeding."
34-83433
14-Jun-2018
Administrative Proceeding
Extension Order
According to the SEC: "IT IS HEREBY ORDERED that the Division's request for an extension of time until April 30, 2019 to submit a Proposed Plan of Distribution is granted."
34-88430
19-Mar-2020
Administrative Proceeding
Order Appointing Fund Administrator and Setting Bond Amount
The Commission stated: "IT IS HEREBY ORDERED that SCS is appointed as the fund administrator . . . and shall obtain a bond in accordance with Rule 1105(c) of the Commission’s Rules in the amount of $3,134,999.99."
34-95511
17-Aug-2022
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted
to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of
monies paid in the above-captioned matter."
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the
“Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair
Fund (the “Fair Fund”), comprised of civil money penalties paid by MagnaChip Semiconductor
Corporation and Margaret Hye-Ryoung Sakai, CPA (collectively, the “Respondents”) in the
above-captioned matter."
34-96095
17-Oct-2022
Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The Commission stated: "IT IS ORDERED that . . . for good cause shown, the time for entering an order approving or disapproving the Plan is extended to January 31, 2023."
34-96709
19-Jan-2023
Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The SEC ordered that: "for good cause shown, the time for entering an order approving or disapproving the Plan is
extended to April 30, 2023."
34-97470
10-May-2023
Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted
simultaneously with this Order on the Commission's website at www.sec.gov."
Plan of Distribution
The SEC stated: "This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties paid by MagnaChip Semiconductor Corporation and Margaret Hye-Ryoung Sakai, CPA . . . This Plan of Allocation is designed to compensate investors based on their losses on MagnaChip common stock listed on a U.S. exchange and registered with the Commission and traded under the symbol MX (the “Securities”) between February 1, 2012 and February 12, 2015, inclusive (the “Relevant Period”) due to the misconduct of the Respondents."
Other Defendants in Action:
