SAN FRANCISCO, June 18, 2004 (PRIMEZONE) -- The law firm of Girard Gibbs & De Bartolomeo LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. (NYSE:OVTI) ("OmniVision" or the "Company") during the period between June 11, 2003 and June 9, 2004 (the "Class Period"). The class action asserts claims against OmniVision under the Securities Exchange Act of 1934. A copy of the complaint is available from the Court, or can be viewed on Girard Gibbs & De Bartolomeo LLP's website at: http://www.girardgibbs.com/omnivision.html.
The complaint charges that OmniVision Technologies, Inc., Shaw Hong (Chief Executive Officer and a Director of the Company), John Rossi (Chief Financial Officer) and H. Gene McCown (former Chief Financial Officer) violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by publishing a series of false and materially misleading statements to the investing public during the Class Period. In particular, the complaint alleges that defendents' manipulated and misrepresented the Company's revenue and earnings reporting and also concealed adverse information regarding the business, operations and future prospects of OmniVision during the Class Period. These material misrepresentations and omissions had the cause and effect of creating an unrealistically positive assessment of OmniVision in the market, thus causing the Company's securities to be overvalued and artificially inflated at all relevant times.
On June 9, 2004, Omnivision announced that "following an internal review by the Company and an independent investigation, the Company is considering the restatement of financial results for certain quarters of fiscal 2004 and, possibly, fiscal 2003." Shortly after this publication, OmniVision shares plummeted, falling over 30% in the single trading day -- or over $7.84 per share -- on a split adjusted basis -- to close at $17.63 per share.
If you purchased common stock in OmniVision between June 11, 2003 and June 9, 2004, you may, no later than August 9, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain Girard Gibbs & De Bartolomeo LLP, or other attorneys, to serve as your counsel in this action.
Girard Gibbs & De Bartolomeo LLP is one of the nation's leading firms representing individual and institutional investors in securities fraud class actions and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations.