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.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
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.
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