Saxena White P.A. Files a Securities Fraud Class Action Against OmniVision

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  1. hvactec
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    Technologies, Inc.
    11/04/2011
    BOCA RATON, FL--(Marketwire - Nov 4, 2011) - Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of investors who purchased OmniVision Technologies, Inc. (NASDAQ: OVTI) ("OmniVision" or the "Company") common stock between August 27, 2010 and October 13, 2011, inclusive (the "Class Period").

    The action charges OmniVision and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company had concealed the loss of its exclusive contract with Apple Inc. ("Apple") to supply imaging sensors for Apple's iPhone.

    On August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012 and provided guidance for the fiscal second quarter of 2012 that was well below analyst expectations. The Company also disclosed delays in the production of its new 8-megapixel product line. Based on the Company's disappointing guidance, analysts recognized 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. As a result of these revelations, OmniVision's stock declined $7.55 per share, or 30.4 percent, to close at $17.27 per share on August 26, 2011 on unusually high trading volume.

    On October 14, 2011, the iPhone 4S became available for sale and for disassembly. Based on a logo stamped on the inside of the camera sensor, experts determined that Sony -- and not OmniVision -- had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision's stock fell and additional $1.65 per share, or 9.3 percent, to close at $15.95 per share on October 14, 2011.

    You may obtain a copy of the complaint and join the class action at Saxena White P.A. - specializing in securities and complex litigation. If you purchased the shares of Omnivision Technologies, Inc. between the period of August 27, 2010 and October 13, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.

    If you purchased OmniVision Techologies, Inc. during the Class Period of August 27, 2010 and October 13, 2011, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than December 27, 2011. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

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