LOS ANGELES, June 24, 2004 – LAWFUEL – The law firm of Weiss & Yourman
announced today that a class action lawsuit has been filed in the United
States District Court for the Northern District of California on behalf of
purchasers of OmniVision Technologies, Inc. (Nasdaq: OVTI) securities between
February 19, 2003 and June 8, 2004 (the “Class Period”).
OmniVision produces semiconductor image sensor devices. The Company’s
main product, an image sensing device called the CameraChip, is used to
capture an image in a wide variety of consumer and commercial mass market
applications, including digital still cameras, cellular telephones, security
and surveillance cameras and video game consoles.
The complaint alleges that OmniVision and certain of its officers violated
federal securities laws by making false and misleading statements to the
investing public regarding OmniVision’s business and prospects, causing
OmniVision’s stock price to trade at artificially inflated levels during the
Class Period, while at the same time, company insiders were selling off more
than $30 million worth of their personal shares.
After OmniVision announced that it would be delaying reporting its fiscal
2004 results and disappointing 1Q05 forecasts, the Company’s shares fell
30% to $17.63 per share.
As more fully detailed in the Complaint, defendants concealed from the
public that the Company’s previous financial statements had improperly
recognized revenue and that the Company was actually losing market share to
larger rivals, such as Micron Technology.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Weiss & Yourman. The firm, with offices in New York and Los
Angeles, has extensive experience in complex litigation, particularly
securities class actions, and has been appointed lead class counsel in
numerous consolidated and multi-district cases. You may visit the firm’s
website at http://www.wyca.com.
If you are a member of the Class as described above, you may move the
Court no later than August 9, 2004 to serve as a lead plaintiff for the Class.
However, in order to do so, you must meet certain legal requirements pursuant
to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this suit, or have any
questions or concerns regarding this notice, or preservation of your rights,
please contact:Weiss & Yourman – Los Angeles
Telephone: (800) 437-7918
email: [email protected]