Published: October 27, 2011
Harwood Feffer LLP Announces Class Action Lawsuit Against OmniVision Technologies, Inc.
NEW YORK - (BUSINESS WIRE) - Harwood Feffer LLP (www.hfesq.com)
announces that a class action suit was filed on October 26, 2011 in the
United States District Court for the Northern District of California
against OmniVision Technologies, Inc. ("OmniVision" or the "Company" )
(NASDAQ: OVTI) on behalf of purchasers of OmniVision common stock
between August 27, 2010 and October 13, 2011 (the "Class Period" ).
On August 25, 2011 OmniVision disclosed delays in the production of its
new 8-megapixel product line. As a result, OmniVision would not be the
exclusive producer of camera components for Apple's new iPhone 4S,
released on October 14, 2011. In response to this news, OmniVision stock
declined $7.55 per share, over 30%, to close at $17.27 on August 26,
2011. On October 14, 2011, when the iPhone 4S was released, experts
examined the phone's camera and determined that Sony, not Omnivision,
had supplied a key component. On this confirmation of the reduced role
of the Company's components in the iPhone 4S, OmniVision stock fell
$1.65 per share, or 9.3%, to close at $15.95 per share.
The suit alleges that the Company violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 and Rule 10b-5 by concealing the
loss of its exclusive contract with Apple. In addition to the securities
class action, we are currently investigating whether the board of
directors has breached its fiduciary duties by failing to disclose
material information to shareholders.
If you purchased OmniVision common stock during the Class Period, you
have until December 27, 2011 to ask the Court to appoint you lead
plaintiff for the class. Moreover, current holders of OmniVision common
stock purchased at any time may also have a claim. If you wish to
discuss this matter with us, or have any questions concerning your
rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr., Esq.
Benjamin
Sachs-Michaels
Harwood Feffer LLP
488 Madison Avenue
New
York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email:
bsachsmichaels@hfesq.com
Website:
http://www.hfesq.com
Harwood Feffer has been representing individual and institutional
investors for many years, serving as lead counsel in numerous cases in
federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com)
for more information about the firm.
Attorney Advertising. (c) 2011 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter.
Harwood Feffer LLP
Robert I. Harwood, Esq.
Peter W. Overs,
Jr., Esq.
Benjamin Sachs-Michaels
Phone Numbers: (877) 935-7400
(212)935-7400
bsachsmichaels@hfesq.com
http://www.hfesq.com
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