Defendant Name: MagnaChip Semiconductor Corporation

Defendant Type: Public Company

Document Reference: 2017-88

Document Details

Legal Case Name In the Matter of MagnaChip Semiconductor Corporation and Margaret Hyeryoung Sakai, CPA
Document Name Semiconductor Company and Former CFO Settle Accounting Fraud Charges
Document Date 01-May-2017
Document Format Administrative Proceeding
File Number 3-17956
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

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."
34-83437 14-Jun-2018 Administrative Proceeding
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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
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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
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34-95511 17-Aug-2022 Administrative Proceeding
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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."
34-95511-pdp 17-Aug-2022 Administrative Proceeding
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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
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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
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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."
34-97470-dp 10-May-2023 Administrative Proceeding
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."
34-99941 11-Apr-2024 Administrative Proceeding
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Other Defendants in Action:

Margaret Hye-Ryoung Sakai