October 27, 2011 – Marketwire — Levi & Korsinsky is bringing a class action lawsuit against OmniVision Technologies Inc. (NASDAQ:OVTI) on behalf of stockholders that allege that OmniVision failed to disclose properly the loss of an exclusive contract with Apple for image sensors, in-house production delays, as well as other counts.
The complaint alleges that OmniVision and certain of its officers and directors misrepresented and/or failed to disclose that: (a) the Company had lost its exclusive contract with Apple Inc. ("Apple") regarding the supply of imaging sensors for the Apple iPhone; (b) delays in the development of its 8-megapixel product line threatened its financial prospects; (c) competition within the smartphone industry threatened the Company’s leadership position; (d) as a result of the aforementioned, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
Also read: Ziptronix accuses Omnivision, TSMC of patent infringement and OmniVision brings wafer-level lens fab in-house, for $45 million
On August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012, provided guidance for the fiscal second quarter of 2012 that was well below analyst expectations and also disclosed delays in the production of its new 8-megapixel product line. The next day, OmniVision’s stock declined $7.55 per share, 30.4%, on heavy trading volume.
The case is brought in the United States District Court for the Northern District of California on behalf of purchasers of OmniVision Technologies Inc. common stock between August 27, 2010 and October 13, 2011. For more information, visit http://zlk.9nl.com/omnivision-technologies or contact Joseph E. Levi, Esq. at [email protected] or (877) 363-5972.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Internet: www.zlk.com.
Subscribe to Solid State Technology/Advanced Packaging.
Follow Advanced Packaging on Twitter.com by clicking www.twitter.com/advpackaging. Or join our Facebook group