OmniVision Technologies, Inc. Investor files Lawsuit against Directors

Jan. 16, 2012 - PRLog -- A current investor in NASDAQ- OVTI shares filed  lawsuit against directors of OmniVision Technologies, Inc over alleged breaches of fiduciary duties in connection with the Apple iPhone 4S camera sensor.

If you are a current long term investor in OmniVision Technologies, Inc.  shares, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges that certain directors of OmniVision Technologies breached their fiduciary duties in connection with an alleged supply contract with Apple for its iPhone 4S camera senor.
The lawsuit by a current investor against directors over alleges breaches of fiduciary duties follows an earlier lawsuit filed by shareholders who only purchased their NASDAQ OVTI shares between August 27, 2010 and October 13, 2011.  According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that OmniVision Technologies violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

On August 25, 2011, OmniVision Technologies announced its results for the fiscal first quarter of 2012 and provided guidance for the fiscal second quarter of 2012. OmniVision Technologies Inc also disclosed delays in the production of its new 8-megapixel product line. The plaintiff claims that based on OmniVision Technologies' disappointing guidance, analysts recognized that OmniVision Technologies would not be the exclusive producer of camera components for Apple's new, fifth generation iPhone--the iPhone 4S--set for release in the fall of 2011.

OVTI stocks fell from over $26 per share on August 23rd to $17.21 on August 26, 2011.

Overall NASDAQ- OVTI shares fell from as high as $36.19 per share in April to as low as $12.71 per share on October 3, 2011. OVTI shares recovered slightly and traded on October 14 at $18.73 per share.

However, on that day the iPhone 4S became available for sale. The plaintiff claims that based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not Omni Vision Technologies --had supplied the CMOS sensor for the iPhone 4S.

NASDAQ OVTI stocks fell from almost $19 per share on Oct. 14 to as low as $14.80 on October 18, 2011. OVTI shares fell in November to as low as $10.41 and traded in the end of December as low as $11.00 per share.

Those who are current long term investors in OmniVision Technologies, Inc.  shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

# # #

The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.