Gilman Law Investigates Lawsuit Against OmniVision Technologies, Inc.
Gilman Law LLP, a leading national securities law firm, is actively investigating shareholder allegations that OmniVision Technologies, Inc. (“OmniVision”) and certain of its officers and directors violated the Securities Exchange Act of 1940 and Rule 10b-5, by issuing false and misleading information. OmniVision is a designer and manufacturer of image sensors that capture initial data and perform preliminary data processing which are used in digital cameras and mobile phones. One of OmniVision’s most high-profile contracts have been with Apple, Inc.
For over 40 years, the lawyers at Gilman Law have been involved in all major aspects of securities fraud litigation. The firm specializes in cases involving stock manipulation, securities fraud, and shareholder rights violations. If you purchased or otherwise acquired common stock of OmniVision Technologies, Inc. (NASDAQ: OVTI) between August 27, 2010 and October 13, 2011 (“Class Period”), you may contact Gilman Law LLP by December 26, 2011 to discuss your rights, including as to recovery of your losses or to obtain additional information.
Alleged False and Misleading Statements by OmniVision
A shareholders class action lawsuit was commenced in the United States District Court for the Northern District of California. The complaint alleges that during the Class Period, OmniVision issued materially false and misleading statements regarding the Company’s business and financial results. Specifically, OmniVision 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.
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.
Gilman Law has extensive experience representing both individual and institutional investors in securities class action suits. Gilman Law has recovered over a billion dollars for its clients and can help you recover any losses that you have incurred as a result of OmniVision’s fraudulent practices. For a free evaluation of your case or to obtain additional information, please visit www.investment-losses.com or CALL TOLL FREE (888) 252-0048.