NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, is investigating potential wrongdoing at OmniVision Technologies, Inc. (“OmniVision” or the “Company”) (NasdaqGS: OVTI). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at OmniVision violated federal securities laws in connection with statements made to the Company's shareholders.
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The investigation focuses on whether certain individuals violated federal securities laws by failing to disclose that: (1) OmniVision had lost its lucrative image sensor contract with Apple, Inc. (“Apple”); (2) the Company was losing its prominent position in the smartphone market; and (3) delays in the development of its 8-megapixel product line were threatening OmniVision’s future prospects.
On August 25, 2011, however, the truth about the Company’s financial prospects began to emerge when it announced fiscal first quarter results and reduced guidance for the fiscal second quarter of 2012. The significant reduction in guidance fueled numerous analysts to report that OmniVision was losing its stranglehold on Apple’s business. On this news, OmniVision’s stock declined $7.55 per share, or 30.4 percent. The loss of OmniVision exclusive contract with Apple was subsequently confirmed on October 14, 2011, when experts determined that Sony, not OmniVision, had supplied the iPhone 4S’s image sensor.
Take Action
If you purchased OmniVision securities between August 27, 2010 and October 13, 2011 and you would like to discuss your legal rights, visit www.faruqilaw.com/OVTI. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to avozzolo@faruqilaw.com or rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding OmniVision's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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