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Milberg LLP Announces the Filing of Securities Class Actions Against OmniVision Technologies, Inc.(November 21, 2011)
NEW YORK, Nov. 21, 2011 (GLOBE NEWSWIRE) -- Several class actions have been filed against OmniVision Technologies, Inc. (Nasdaq:OVTI) ("OmniVision" or the "Company"), in the United States District Court for the Northern District of California on behalf of purchasers of OmniVision common stock between August 27, 2010, and October 13, 2011, inclusive (the "Class Period").
The lawsuit alleges that OmniVision and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint asserts that, throughout the Class Period, the Company's financial results and stock price were artificially inflated because OmniVision had not disclosed the loss of an exclusive contract with Apple Inc. ("Apple") to supply imaging sensors for Apple's latest version of the iPhone.
On August 25, 2011, OmniVision announced expected second-quarter adjusted earnings of 52 to 64 cents per share on revenue of $255 to $275 million, well below analysts' expectations of 81 cents per share in earnings on revenue of $305.7 million. OmniVision attributed the weak guidance to slow sales on personal computers, a weak economic environment, and delays in manufacturing a new 8-megapixel chip for smartphones. In reaction to this news, OmniVision shares fell 30.42% to close at $17.27 per share on August 26, 2011. On October 14, 2011, after the iPhone 4S was released, experts took the phone apart and determined that Sony, not OmniVision, had provided the imaging sensor. Upon the revelation that OmniVision was no longer the sole supplier of imaging components in the new iPhone, shares of OmniVision fell another 9.38% to close at $15.95 per share.
If you purchased OmniVision shares during the Class Period you may, no later than December 27, 2011, request that the court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in courts throughout the United States. Visit the the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
Andrei Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
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