CASES
OmniVision Technologies, Inc.
Class Period: Aug 27, 2010 to Oct 13, 2011
Lead Plaintiff Deadline: Dec 25, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against OmniVision Technologies, Inc.("OmniVision" or the "Company") on behalf of all who purchased or otherwise acquired OmniVision common stock between August 27, 2010 and October 13, 2011. This case has been filed in the USDC - California (Northern).
The Complaint alleges that during the Class Period, Defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, Defendants failed to disclose that the Company had lost its exclusive contract to supply imaging sensors for Apple's celebrated iPhone-representing a serious blow to the Company's bottom line.
As a result of Defendants' false statements, OmniVision's stock traded at artificially inflated prices during the Class Period, reaching a closing price high of $36.42 per share on May 26, 2011. The market only began to learn of the Company's deception on August 25, 2011 when OmniVision announced results for its fiscal first quarter of 20122 and provided guidance for the fiscal second quarter of 2012 that was well below analyst expectations. The Company also disclosed delays in the production of its new 8-megapixel product line. Based on the Company's disappointing guidance, analysts recognized that Omni Vision would not be the exclusive producer of camera sensors for Apple's new, fifth generation iPhone-the iPhone 4S-set for release in the fall of 2011.
As a result of these revelations, OmniVision's stock price declined $7.55 per share, or 30.4 percent, to close at $17.27 per share on August 26, 2011 on extraordinary trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.