BALA CYNWYD, Pa., Jan. 30, 2002 (PRIMEZONE) -- Shareholders of OmniVision Technologies, Inc. ("OmniVision" or the "Company") (Nasdaq:OVTI) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (01-CV-10775) must submit an application with the Court by February 2, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased OmniVision Technologies, Inc. securities between July 14, 2000 and December 6, 2000 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of OmniVision Technologies, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at www.sbclasslaw.com.
The complaint alleges that the California-based OmniVision Technologies, Inc. commenced an initial public offering of 5,000,000 of its shares of common stock at an offering price of $13 per share (the "OmniVision IPO"). In connection therewith, OmniVision filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) the underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the underwriters allocated to those investors material portions of the restricted number of OmniVision shares issued in connection with the OmniVision IPO; and (ii) the underwriters had entered into agreements with customers whereby the underwriters agreed to allocate OmniVision shares to those customers in the OmniVision IPO in exchange for which the customers agreed to purchase additional OmniVision shares in the aftermarket at pre-determined prices.
If you purchased OmniVision Technologies, Inc. securities between July 14, 2000 and December 6, 2000, you may be a member of the class and have until February 2, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca