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Finkelstein Thompson LLP Announces Investigation of OmniVision Technologies, Inc.

^{Published on 2011-11-02 20:03:00 - Market Wire}
 

WASHINGTON--([ BUSINESS WIRE ])--A class action has been filed against OmniVision Technologies, Inc. (aOmniVisiona or the aCompanya) (NASDAQ: OVTI) seeking to recover money lost by all persons or entities who purchased securities of OmniVision between August 27, 2010 and October 13, 2011. Finkelstein Thompson LLP is investigating similar claims at this time and welcomes inquiries from shareholders concerning their rights and interests. The deadline to move for lead plaintiff in this class action lawsuit is December 27, 2011.

The class action stems from OmniVisionas allegedly inflated financial results stemming from OmniVisionas failure to disclose that it had lost its exclusive contract with Apple to supply imaging sensors for Appleas new version of the iPhone, the 4S. OmniVision shares fell 30% on August 26 after lower than anticipated second-quarter earnings. While analysts suspected that OmniVision had lost its deal with its top customer Apple, OmniVision attributed the lowered guidance to market-share loss. Shares in the Company fell an additional 9.38% on October 14 when an electrical components company took apart the new iPhone 4S and discovered that the camera sensor was not made by OmniVision. It is also alleged that during the period in question, insiders at the Company sold close to $40 million of their personally held shares at an average price of $30.51, roughly double what the shares are currently trading. These allegations, if true, may entitle OmniVision shareholders to monetary damages.

If you purchased OmniVision shares between August 27, 2010 and October 13, 2011, Finkelstein Thompson welcomes your inquiries. Please contact Finkelstein Thompsonas Washington, DC offices at (877) 337-1050 or by email at [ contact@finkelsteinthompson.com ].

Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.