SAN FRANCISCO, June 18, 2004 (PRIMEZONE) -- An investor sued OmniVision Technologies, Inc. ("OmniVision" or the "Company") (Nasdaq:OVTI) today, claiming the Company and four of its top officers misled the investing public about OmniVision's financial performance.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) filed the class action in the U.S. District Court for the Northern District of California. The lawsuit seeks damages for violations of federal securities laws on behalf of all investors who bought OmniVision common stock from June 11, 2003, through and including June 8, 2004 (the "Class Period").
To receive a copy of the complaint, you may contact the court, call the firm at (800) 516-9926 or go to http://www.bermanesq.com/pdf/Omnivision-Cplt.pdf.
The lawsuit claims that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including U.S. Securities and Exchange Commission ("SEC") Rule 10b-5.
The complaint names as defendants: OmniVision Technologies, Inc.; Shaw Hong, who was at all relevant times OmniVision's president and chief executive officer; Raymond Wu, who was at all relevant times the Company's executive vice president; H. Gene McCown, who was OmniVision's chief financial officer until his retirement in September 2003; and John T. Rossi, who was the company's chief financial officer from September 17, 2003 through the end of the Class Period.
The complaint alleges that the defendants issued false and misleading statements about the Company's financial performance, causing OmniVision's stock to trade at artificially inflated prices throughout the Class Period.
Before the markets opened on June 9, 2004, OmniVision announced that the Company would postpone the release of its fiscal year 2004 financial results and revealed for the first time the existence of an internal inquiry and an independent investigation into matters including "cut-off issues." The Company further disclosed that it may have to restate its financial results for certain quarters of fiscal years 2003 and 2004.
In response to these revelations, the price of OmniVision's common stock plummeted. The stock fell more than 30% on June 9, 2004 alone, closing at $17.63, down $7.84. The stock continued to fall, losing more than 37% of its value over the three trading days following the announcement.
If you purchased OmniVision common stock from June 11, 2003, through and including June 8, 2004, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Christopher T. Heffelfinger, Esq. Michael W. Stocker, Esq. 425 California Street 21st Floor San Francisco, CA 94104 (800) 516-9926 law@bermanesq.com Jeffrey C. Block, Esq. Joseph C. Merschman, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com C. Oliver Burt III, Esq. Marc J. Greenspon, Esq. 515 North Flagler Drive Suite 1701 West Palm Beach, FL 33401 (800) 349-4612 lawfla@bermanesq.com
If you wish to apply to be lead plaintiff in this action, a motion on your behalf must be filed with the court no later than August 9, 2004. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, or you may submit information online at http://www.bermanesq.com/Securities/Signup1.asp?caseid=513. Please note, you may also retain counsel of your choice and need not take any action at this time to be a class member.
Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud. The firm consists of 31 attorneys in Boston, San Francisco and West Palm Beach, Florida.