| Company: | OmniVision Technologies, Inc. |
| Ticker Symbol: | NASD: OVTI |
| Class Period: | February 19, 2003 to June 8, 2004 |
| Date Filed: | Jun-14-04 |
| Lead Plaintiff Deadline: | Aug-09-04 |
| Court: | Northern District, CA |
| Allegations: |
A securities class action was commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of OmniVision Technologies, Inc.
(Nasdaq:OVTI) between February 19, 2003 through and including June 8, 2004 (the "Class Period"), including those who purchased shares in the secondary offering on July 16, 2003. The case is pending in the United States District Court for the Northern District of California against defendant OmniVision and one or more of its officers and/or directors.
The Complaint alleges that OmniVision, a designer, developer and marketer of high-performance, cost-efficient semiconductor image sensor devices, and certain of its officers and directors issued materially false statements concerning the Company's financial condition. Specifically, defendants failed to disclose that: (i) OmniVision was losing customers to larger rivals such as Micron Technologies, Texas Instruments, and National Semiconductor Corporation; (ii) OmniVision knew or recklessly disregarded that its surging growth was hitting a plateau, due to the decline in customer base; and (iii) defendants, in effort to conceal the Company's decline in growth, manipulated the Company's financial results through improper revenue recognition. As a result of the foregoing, OmniVision's financial results were materially inflated throughout the Class Period.
On June 9, 2004, the day that OmniVision was scheduled to release its fiscal 2004 fourth-quarter and year-end results, the Company announced that it had rescheduled the release to June 23, 2004. Additionally, it was considering the restatement of financial results for certain quarters of fiscal 2004 and possibly fiscal 2003. On this news, shares of OmniVision fell $7.84 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that OmniVision, a designer, developer and marketer of high-performance, cost-efficient semiconductor image sensor devices, and certain of its officers and directors issued materially false statements concerning the Company's financial condition. Specifically, defendants failed to disclose that: (i) OmniVision was losing customers to larger rivals such as Micron Technologies, Texas Instruments, and National Semiconductor Corporation; (ii) OmniVision knew or recklessly disregarded that its surging growth was hitting a plateau, due to the decline in customer base; and (iii) defendants, in effort to conceal the Company's decline in growth, manipulated the Company's financial results through improper revenue recognition. As a result of the foregoing, OmniVision's financial results were materially inflated throughout the Class Period.
On June 9, 2004, the day that OmniVision was scheduled to release its fiscal 2004 fourth-quarter and year-end results, the Company announced that it had rescheduled the release to June 23, 2004. Additionally, it was considering the restatement of financial results for certain quarters of fiscal 2004 and possibly fiscal 2003. On this news, shares of OmniVision fell $7.84 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
