Law Offices of Howard G. Smith Announces Class Action Lawsuit Against OmniVision Technologies, Inc.

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of OmniVision Technologies, Inc. (“OmniVision” or the “Company”) (NASDAQ:OVTI) between August 27, 2010 and October 13, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for Northern District of California.

OmniVision designs, develops and markets semiconductor image-sensor devices worldwide. The Complaint alleges violations of federal securities laws against the Company and certain of its executive officers for failing to disclose that the Company has lost its exclusive contract to supply imaging sensors for Apple, Inc’s iPhone smartphone. Specifically, the Complaint alleges that during the Class Period defendants failed to disclose that: (a) OmniVision knew well in advance of May 26, 2011 that it had lost its exclusive supply contract for Apple iPhones to a competitor; (b) competition was chipping away at OmniVision’s prominent position in the smartphone industry; (c) delays in the development of the Company’s 8-megapixel product line were threatening OmniVision's prospects; and (d) as a result of the foregoing, OmniVision lacked a reasonable basis to state that it was experiencing “strong growth in the handset market, because of the smartphone category.”

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased OmniVision common stock between August 27, 2010 and October 13, 2011, you have certain rights, and have until December 27, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at [phone], Toll Free at [phone], or by email to [e-mail], or visit our website at http://www.howardsmithlaw.com.