Gilman Law LLP, a leading national law firm representing investors in securities class action lawsuits, is currently investigating securities fraud allegations against OmniVision Technologies, Inc. (“OmniVision”) and certain of its officers and directors. Recently, an investor class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of investors who purchased OmniVision stock (NASDAQ: OVTI) between August 27, 2010 and October 13, 2011 (“Class Period”). If you wish to take part in this lawsuit, you must contact Gilman Law no later than December 26, 2011 in order to preserve your legal rights.
For over 30 years, Gilman Law has represented investors in all major aspects of securities fraud litigation, including stock manipulation, securities fraud, and shareholder rights violations. The firm is currently offering free lawsuit evaluations to OmniVision stockholders who purchased their shares between August 27, 2010 and October 13, 2011. We urge you to contact us today for your free lawsuit evaluation, and to obtain more information regarding the OmniVision shareholder class action lawsuit.
OmniVision Class Action Lawsuit Allegations
OmniVision Technologies, Inc. designs, develops and markets semiconductor image-sensor devices. The Company’s main products, image-sensing devices, which it refers to as CameraChip image sensors, capture an image electronically and are used in a number of consumer and commercial mass-market applications.
The OmniVision shareholder class action lawsuit alleges that the Company and certain of its officers and directors violated the Securities Exchange Act of 1934 and Rule 10b-5 by issuing false and misleading information regarding its financials, and about camera sensor sales to Apple, Inc. OmniVision had been the sole supplier of camera sensors for Apple’s iPhone 3GS and iPhone 4, which were released on June 9, 2009 and June 24, 2010, respectively. However, on October 14, 2011, the new iPhone 4S was released which did not contain OmniVision’s logo. In reaction to this news, OmniVision’s stock fell $1.65 per share, or 9.3%, to close at $15.95 on high trading volume.
The OmniVision complaint alleges that Defendants failed to disclose that the Company had lost its exclusive contract to supply imaging sensors for Apple’s iPhone. In addition, the Company failed to disclose that delays in the development of its 8-megapixel product line were threatening OmniVision’s prospects. As a result of OmniVision’s false statements, the Company’s stock traded at artificially inflated prices during the Class Period.
Legal Help for OmniVision Shareholders
Gilman Law LLP has extensive experience representing both individual and institutional investors in securities class action suits, and has recovered over a billion dollars for its clients. We are ready to assist investors who have sustained losses as a result of OmniVision’s fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or CALL TOLL FREE (888) 252-0048.
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