BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that all purchasers of the common stock of OmniVision Technologies, Inc. (aOmniVisiona or the aCompanya) (NASDAQ:OVTI) between August 27, 2010 and October 13, 2011, inclusive (the aClass Perioda), have until December 27, 2011 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California.
"strong growth in the handset market, because of the smartphone category."
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.as 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 OmniVisionas prominent position in the smartphone industry; (c) delays in the development of the Companyas 8-megapixel product line were threatening OmniVisionas prospects; and (d) as a result of the foregoing, OmniVision lacked a reasonable basis to state that it was experiencing astrong growth in the handset market, because of the smartphone category.a
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 215-638-4847, Toll Free at 888-638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].