Deadline in Settlement in Lawsuit for Investors in OmniVision Technologies Inc (NASDAQ:OVTI) Shares Announced by Shareholders Foundation

SAN DIEGO, Apr. 21, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline is coming up in the settlement reached in the securities class action lawsuit filed on behalf of certain investors in shares of OmniVision Technologies Inc OVTI. 

Investors who purchased shares of OmniVision Technologies Inc OVTI between August 27, 2010 and November 6, 2011 and/or Investors who purchased shares of OmniVision Technologies Inc prior to August 2010 and currently hold any NASDAQ:OVTI shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. 

The lawsuit was originally filed in October 2011 in the U.S. District Court for the Northern District of California against OmniVision Technologies Inc ("OmniVision") over alleged violations of Federal Securities Laws. More specifically, the plaintiff alleged that OmniVision allegedly failed to disclose that it had lost its lucrative, high-profile, and exclusive contract with Apple Inc, that competition was eroding its "leadership position" in the smartphone industry, that delays in the development of its 8-megapixel product line were threatening its prospects, and that it lacked a reasonable basis for its statements about its bright prospects in the smartphone market. 

On August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012 and provided guidance for the fiscal second quarter of 2012. OmniVision also disclosed delays in the production of its new 8-megapixel product line. 

The plaintiff claimed that based on OmniVision's guidance, analysts recognized that OmniVision would not be the exclusive producer of camera components for Apple's iPhone 4S set for release in the fall of 2011. The plaintiff claimed that on that day the iPhone 4S became available for sale experts determined that based on a logo stamped on the inside of the camera sensor that Sony--and not OmniVision -- had supplied the CMOS sensor for the iPhone 4S. 

After more than three years of litigation the settlement was announced in March 2015. The settlement provides a total recovery of $12.5 million in cash for certain OmniVision investors. Affected investors should have received by mail a notice and claim form of the settlement. 

Those who purchased OmniVision Technologies Inc OVTI shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554. 

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, 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. 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.