Brower Piven Encourages Investors Who Have Losses in Excess of $750,000 From Investment in OmniVision Technologies, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 27, 2011 Lead Plaintiff Dead
(firmenpresse) - STEVENSON, MD -- (Marketwire) -- 10/31/11 -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. ("OmniVision" or the "Company") (NASDAQ: OVTI) during the period between August 27, 2010 and October 13, 2011 inclusive (the "Class Period").
If you have suffered a net loss for all transactions in OmniVision common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at , by email at , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 27, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that it had lost its lucrative, high-profile, and exclusive contract with Apple, that delays in the development of its 8-megapixel product line were threatening its prospects and that competition was eroding its "leadership position" in the smartphone industry. According to the complaint, after, on August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012, provided guidance for the fiscal second quarter of 2012 well below analyst expectations and disclosed delays in the production of its new 8-megapixel product line (prompting analysts to recognize that OmniVision would not be the exclusive producer of camera components for Apple's new, fifth generation iPhone -- the iPhone 4S -- set for release in the fall of 2011, and, after, on October 14, 2011, the iPhone 4S became available for sale and for disassembly, enabling experts to determine that Sony -- and not OmniVision -- had supplied the CMOS sensor for the iPhone 4S, the value of OmniVision stock declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
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Datum: 31.10.2011 - 21:38 Uhr
Sprache: Deutsch
News-ID 82132
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