A settlement was reached in the lawsuit filed on behalf of certain investors of OmniVision Technologies Inc (NASDAQ: OVTI) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on August 30, 2015 and NASDAQ: PHMD investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/06/2015 -- A deadline is coming up on August 30, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of OmniVision Technologies Inc (NASDAQ: OVTI) between August 27, 2010 and November 6, 2011.
Investor who purchase a significant amount of shares of OmniVision Technologies Inc (NASDAQ: OVTI) between August 27, 2010 and November 6, 2011, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the OmniVision Technologies Inc (NASDAQ: OVTI) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/omnivision-technologies-inc-nasdaq-ovti-investor-securities-class-action-lawsuit-10262011
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is August 30, 2015. The class action administrator for this case is Heffler Claims Group.
The lawsuit was originally filed in the U.S. District Court for the Northern District of California against OmniVision Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 27, 2010 and October 13, 2011.
According to the complaint the plaintiff alleges on behalf of purchasers of OmniVision Technologies Inc (NASDAQ: OVTI) common stock between August 27, 2010 and October 13, 2011, that OmniVision Technologies Inc and certain of its officers violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
OmniVision Technologies Inc reported that is 12 months total revenue rose from $507.32 million ending on April 30, 2009 to $956.48 million ending on April 30, 2011 and that its net income for the same time frame increased from a net loss of $38.07 million to a net income of $124.45 million.
Shares of OmniVision Technologies Inc (NASDAQ: OVTI) rose from as low as $4.50 in December 2008 to over $36 per share in April 2011.
Then on August 25, 2011, OmniVision Technologies Inc 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 Inc's disappointing guidance, analysts recognized that OmniVision Technologies Inc 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. OmniVision Technologies Inc (NASDAQ: OVTI) stocks fell from over $26 per share on August 23, 2011 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. OmniVision Technologies Inc (NASDAQ: OVTI) shares recovered slightly and traded on October 14, 2011 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 OmniVision Technologies Inc -- had supplied the CMOS sensor for the iPhone 4S.
OmniVision Technologies Inc (NASDAQ: OVTI) stocks fell from almost $19 per share on Friday, October 14, 2011 to as low as $14.80 on Monday, October 18, 2011.
Those who purchased shares of OmniVision Technologies Inc (NASDAQ: OVTI) have certain options and should contact the Shareholders Foundation.
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