NEW YORK, May 4, 2015 /PRNewswire/ -- The fairness of the
proposed acquisition of OmniVision Technologies, Inc. ("OVTI" or
the "Company") by a consortium of private equity investors based in
China (the "Consortium") is being
investigated by WeissLaw LLP, a national class action, shareholder
rights law firm. The investigation focuses on possible
breaches of fiduciary duty and other violations of law by the Board
of Directors of OVTI for agreeing to sell the Company to the
Consortium. On April 30, 2015,
the Company announced a definitive agreement for the Consortium to
acquire OVTI in a transaction valued at $1.9
billion. Under the terms of the agreement, OVTI
shareholders will receive $29.75 in
cash for each OVTI share they own.
WeissLaw is investigating whether OVTI's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the offer price represents a premium of less 8% over the
Company stock's February 27, 2015
trading price of $27.40.
Additionally, prior to the announcement, at least one analyst set a
target price of $35.00 per OVTI
share, or $5.25 above the offer
price.
Given these facts, WeissLaw is investigating whether OVTI's
Board acted in the best interests of OVTI's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with the Consortium. If you
own OVTI shares and would like more information about your rights
or our investigation, or if you have information to share with us,
please contact Joshua Rubin or
Kelly Keenan by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the
form on our website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP