Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 3, 2012, to file lead plaintiff applications in a securities class action lawsuit against Magna International Inc. (NYSE:MGA - News), if they purchased the Company's common stock during the period between January 12, 2011 and August 5, 2011, (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Magna International and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this action, you must petition the Court by July 3, 2012.
About the Lawsuit
Magna International and certain of its senior executives are charged with issuing a series of materially false and misleading statements, during the Class Period, in violation of federal securities laws.
On August 5, 2011, the price of Magna common stock dropped to $39.42, from $44.24 per share after Magna published a release announcing quarterly results significantly below guidance. Later, in a regularly scheduled conference call, the Company's weaker than expected results were blamed on long standing, under-priced European customer contracts and quality control issues in Europe.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Contacts:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner,
877-515-1850
or after hours via cell phone 504-301-7900
lewis.kahn@ksfcounsel.com
