MURRAY, FRANK & SAILER LLP ANNOUNCES CLASS ACTION LAWSUIT AGAINST OMNIVISION TECHNOLOGIES, INC. ON BEHALF OF SHAREHOLDERS - OVTI
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New York, NY (PrimeZone) July 2, 2004 - Murray, Frank & Sailer LLP announces that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all shareholders who purchased or acquired the common stock of OmniVision Technologies, Inc. (Nasdaq: OVTI; "OmniVision" or the "Company") between June 11, 2003 through June 8, 2004 inclusive (the "Class Period").
The complaint alleges that during the Class Period, defendants violated sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 by issuing materially false and misleading statements about the Company's financial results which caused OmniVision's securities to trade at artificially inflated prices. In July 2003, OmniVision completed a secondary offering of stock selling stock at artificially inflated prices and raising more than $113 million. In addition to proceeds from the secondary offering and while in possession of materially adverse information regarding OmniVision's financial results, the Individual Defendants sold more than 700,000 shares of their OmniVision stock for approximately $28 million in insider trading proceeds.On June 9, 2004, OmniVision announced that it would likely restate its financial results for the first three quarters of fiscal year 2004 (ended January 31, 2004), and possibly fiscal year 2003 (ended April 30, 2003), due to issues regarding the timing of revenue recognition. The Company also announced that it was delaying the release of its fourth quarter fiscal year 2004 earnings and was reducing earnings guidance for the first quarter of fiscal 2005.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. If you purchased or acquired the common stock of OmniVision Technologies Inc. between June 11, 2003 through June 8, 2004 inclusive and sustained damages, you may, no later than August 9, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]