LAWSUIT ALERT: Andrews & Springer LLC Announces That a Law Firm Has Filed a Class Action Lawsuit Against OmniVision Technolog...
May 19 2015 - 8:01AM
Andrews & Springer LLC, a boutique securities class action
law firm focused on representing shareholders nationwide, announced
today that a class action lawsuit has been filed by another law
firm on behalf of stockholders of OmniVision Technologies, Inc.
(Nasdaq:OVTI) (“OmniVision” or the “Company”) seeking to challenge
the Company’s recently announced merger.
If you would like to join the class action, please visit our
website or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.
On April 30, 2015, OmniVision and a consortium of investors
comprised of Hua Capital Management Co., Ltd., CITIC Capital
Holdings Limited and GoldStone Investment Co., Ltd (collectively
the “Investor Group”) announced the signing of a definitive merger
agreement pursuant to which the Investor Group will acquire
OmniVision in an all-cash merger worth $1.9 billion. As a result of
the merger, OmniVision shareholders are only anticipated to receive
$29.75 per share in cash in exchange for each share of
OmniVision.
While the Company claims that shareholders will receive a
premium for their shares, the Company has over $513 million of cash
(worth roughly $8.83 per share) and has a book value of $19.13 per
share. An analyst from Yahoo! Finance has also set a $35.00
per share price target for OmniVision (roughly $5.25 more than what
shareholder are expected to receive). The process leading up to the
announcement of the merger appears to have significant conflicts of
interest, thus making the process and consideration unfair. As
indicated by the Company, OmniVision’s CEO, Shaw Hong is
anticipated to remain with OmniVision after consummation of the
merger.
On May 6, 2015, an OmniVision shareholder represented by another
law firm filed a class action complaint challenging OmniVision’s
merger with the Investor Group. The complaint was filed in the
California Superior Court in Santa Clara County, Case No.
1-15-CV-280270.
If you own shares of OmniVision and want to receive additional
information and protect your investments free of charge, please
visit us at
http://www.andrewsspringer.com/cases-investigations/OVTI or contact
Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or
call toll free at 1-800-423-6013. You may also follow us on
LinkedIn – www.linkedin.com/company/andrews-&-springer-llc,
Twitter – www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. For more information
please visit our website at www.andrewsspringer.com. This notice
may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Call Toll Free: 1-800-423-6013
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