SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

October 27, 2011 11:47 ET

The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in OmniVision Technologies, Inc. of Class Action Lawsuit and the December 27, 2011 Deadline to Seek a Lead Plaintiff Position

NEW YORK, NY--(Marketwire - Oct 27, 2011) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of OmniVision Technologies, Inc. ("OmniVision" or the "Company") (NASDAQ: OVTI) common stock between August 27, 2010 and October 13, 2011 (the "Class Period").

For more information, click here: http://zlk.9nl.com/omnivision-technologies.

The complaint alleges that OmniVision and certain of its officers and directors misrepresented and/or failed to disclose that: (a) the Company had lost its exclusive contract with Apple Inc. ("Apple") regarding the supply of imaging sensors for the Apple iPhone; (b) delays in the development of its 8-megapixel product line threatened its financial prospects; (c) competition within the smartphone industry threatened the Company's leadership position; (d) as a result of the aforementioned, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

On August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012, provided guidance for the fiscal second quarter of 2012 that was well below analyst expectations and also disclosed delays in the production of its new 8-megapixel product line. The next day, OmniVision's stock declined $7.55 per share, or 30.4 percent, on heavy trading volume.

If you suffered a loss in OmniVision stock you have until December 27, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/omnivision-technologies-ovti.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com