Deadline in Settlement in Lawsuit for Investors in OmniVision Technologies Inc (NASDAQ:OVTI) Shares Announced by Shareholders...
April 21 2015 - 9:40AM
The Shareholders Foundation, Inc. announces that a deadline is
coming up in the settlement reached in the securities class action
lawsuit filed on behalf of certain investors in shares of
OmniVision Technologies Inc (Nasdaq:OVTI).
Investors who purchased shares of OmniVision Technologies Inc
(Nasdaq:OVTI) between August 27, 2010 and November 6, 2011
and/or Investors who purchased shares of
OmniVision Technologies Inc prior to August 2010 and currently hold
any NASDAQ:OVTI shares, have certain options and should contact the
Shareholders Foundation at mail@shareholdersfoundation.com or call
+1(858) 779 - 1554.
The lawsuit was originally filed in October 2011 in the U.S.
District Court for the Northern District of California against
OmniVision Technologies Inc (“OmniVision”) over alleged violations
of Federal Securities Laws. More specifically, the plaintiff
alleged that OmniVision allegedly failed to disclose that it had
lost its lucrative, high-profile, and exclusive contract with Apple
Inc, that competition was eroding its "leadership position" in the
smartphone industry, that delays in the development of its
8-megapixel product line were threatening its prospects, and that
it lacked a reasonable basis for its statements about its bright
prospects in the smartphone market.
On August 25, 2011, OmniVision announced its results for the
fiscal first quarter of 2012 and provided guidance for the fiscal
second quarter of 2012. OmniVision also disclosed delays in the
production of its new 8-megapixel product line.
The plaintiff claimed that based on OmniVision's guidance,
analysts recognized that OmniVision would not be the exclusive
producer of camera components for Apple's iPhone 4S set for release
in the fall of 2011. The plaintiff claimed that on that day the
iPhone 4S became available for sale experts determined that based
on a logo stamped on the inside of the camera sensor that Sony--and
not OmniVision -- had supplied the CMOS sensor for the iPhone
4S.
After more than three years of litigation the settlement was
announced in March 2015. The settlement provides a total recovery
of $12.5 million in cash for certain OmniVision investors. Affected
investors should have received by mail a notice and claim form of
the settlement.
Those who purchased OmniVision Technologies Inc (Nasdaq:OVTI)
shares have certain options and should contact the Shareholders
Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or
call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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