OmniVision Technologies, Inc. Investor files Lawsuit against Directors

FOR IMMEDIATE RELEASE
San Diego, California, United States of America (Free-Press-Release.com) January 16, 2012 -- A current investor in NASDAQ: OVTI shares filed lawsuit against directors of OmniVision Technologies, Inc over alleged breaches of fiduciary duties in connection with the Apple iPhone 4S camera sensor.

Those who are current long term investors in OmniVision Technologies, Inc. (NASDAQ:OVTI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges that certain directors of OmniVision Technologies breached their fiduciary duties in connection with an alleged supply contract with Apple for its iPhone 4S camera senor.
The lawsuit by a current investor against directors over alleges breaches of fiduciary duties follows an earlier lawsuit filed by shareholders who only purchased their NASDAQ OVTI shares between August 27, 2010 and October 13, 2011. According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that OmniVision Technologies violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

On August 25, 2011, OmniVision Technologies announced its results for the fiscal first quarter of 2012 and provided guidance for the fiscal second quarter of 2012. OmniVision Technologies Inc also disclosed delays in the production of its new 8-megapixel product line. The plaintiff claims that based on OmniVision Technologies' disappointing guidance, analysts recognized that OmniVision Technologies would not be the exclusive producer of camera components for Apple's new, fifth generation iPhone--the iPhone 4S--set for release in the fall of 2011.

OVTI stocks fell from over $26 per share on August 23rd to $17.21 on August 26, 2011.

Overall NASDAQ: OVTI shares fell from as high as $36.19 per share in April to as low as $12.71 per share on October 3, 2011. OVTI shares recovered slightly and traded on October 14 at $18.73 per share.

However, on that day the iPhone 4S became available for sale. The plaintiff claims that based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not Omni Vision Technologies --had supplied the CMOS sensor for the iPhone 4S.

NASDAQ OVTI stocks fell from almost $19 per share on Oct. 14 to as low as $14.80 on October 18, 2011. OVTI shares fell in November to as low as $10.41 and traded in the end of December as low as $11.00 per share.

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