Press release from CNW Group
Court Grants Magna's Motion to Dismiss Putative Securities Class Action
Monday, August 26, 2013
Court Grants Magna's Motion to Dismiss Putative Securities Class Action05:00 EDT Monday, August 26, 2013
AURORA, ON, Aug. 26, 2013 /CNW/ - Magna International Inc. (TSX: MG; NYSE: MGA) today announced that the United States District Court, Southern District of New York has granted the Company's motion and dismissed the putative securities class action lawsuit in which Boilermaker-Blacksmith National Pension Trust acted as lead plaintiff. The lawsuit was originally filed in May 2012 against the Company, its Chief Executive Officer, Chief Financial Officer, as well as its founder. As a result of the Court's decision to dismiss the lawsuit "with prejudice", the claim cannot be re-filed.
We are a leading global automotive supplier with 314 manufacturing operations and 89 product development, engineering and sales centres in 29 countries. Our 123,000 employees are focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT WWW.MAGNA.COM.
SOURCE: Magna International Inc.