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."

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."

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."

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."

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."

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."

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."

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."

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."

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."

- The respondents violated the antifraud, books and records and internal control provisions of the federal securities laws when it 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 - MagnaChip's financial statements and related disclosures were materially misstated in its periodic, annual, and current reports filed with the SEC. MagnaChip also falsely stated in an October 2013 press release that it had met its revenue and gross margin guidance for ten consecutive quarters following its IPO - Following an internal investigation, MagnaChip selfreported the revenue issues and, as a result, MagnaChip restated its financial statements in early 2015, reducing its previously reported revenue for 2011 through 2013 by $121 million