MILWAUKEE, June 25, 2004 (PRIMEZONE) -- Ademi & O'Reilly, LLP (http://www.ademilaw.com/cases/OmniVision.php) announced that we have filed a class action in the United States District Court for the Northern District of California on behalf of purchasers of OmniVision Technologies, Inc. ("OmniVision") (Nasdaq:OVTI) securities during the period between June 11, 2003 to June 8, 2004 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than August 9, 2004. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Guri Ademi at 866-264-3995 or via e-mail at gademi@ademilaw.com. If you are a member of this class, you can view a copy of the complaint or join this class action online at http://www.ademilaw.com/cases/OmniVision.php. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca