WILMINGTON, Del., May 19, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed by another law firm on behalf of stockholders of OmniVision Technologies, Inc. (Nasdaq:OVTI) (“OmniVision” or the “Company”) seeking to challenge the Company’s recently announced merger.
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On April 30, 2015, OmniVision and a consortium of investors comprised of Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited and GoldStone Investment Co., Ltd (collectively the “Investor Group”) announced the signing of a definitive merger agreement pursuant to which the Investor Group will acquire OmniVision in an all-cash merger worth $1.9 billion. As a result of the merger, OmniVision shareholders are only anticipated to receive $29.75 per share in cash in exchange for each share of OmniVision.
While the Company claims that shareholders will receive a premium for their shares, the Company has over $513 million of cash (worth roughly $8.83 per share) and has a book value of $19.13 per share. An analyst from Yahoo! Finance has also set a $35.00 per share price target for OmniVision (roughly $5.25 more than what shareholder are expected to receive). The process leading up to the announcement of the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. As indicated by the Company, OmniVision’s CEO, Shaw Hong is anticipated to remain with OmniVision after consummation of the merger.
On May 6, 2015, an OmniVision shareholder represented by another law firm filed a class action complaint challenging OmniVision’s merger with the Investor Group. The complaint was filed in the California Superior Court in Santa Clara County, Case No. 1-15-CV-280270.
If you own shares of OmniVision and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/OVTI or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.